Question
ABC Co. uses a FIFO perpetual inventory system. Calculate ABC Co.s cost of merchandise sold for the month if the company has the following purchases
ABC Co. uses a FIFO perpetual inventory system. Calculate ABC Co.s cost of merchandise sold for the month if the company has the following purchases and sales.
| Date |
| Units | Cost/Unit | Total Cost |
| May 1 | Beginning Inventory | 14 | $10 | $140 |
| 5 | Purchase | 16 | $14 | $224 |
| 10 | Sale of 15 units |
|
|
|
| 18 | Sale of 5 units |
|
|
|
ABC Co. uses a FIFO perpetual inventory system. Calculate ABC Co.s cost of merchandise sold for the month if the company has the following purchases and sales.
| Date |
| Units | Cost/Unit | Total Cost |
| May 1 | Beginning Inventory | 14 | $10 | $140 |
| 5 | Purchase | 16 | $14 | $224 |
| 10 | Sale of 15 units |
|
|
|
| 18 | Sale of 5 units |
|
|
|
Use Excel
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Financial Accounting An Integrated Approach
Authors: Michael Gibbins
6th Edition
0176407251, 978-0176407254
