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ABC Company has the following purchases and sales during the month of December Units Unit Cost Beginning inventory 1-Dec 2.600 $15.50 Purchase 6.Dec 1.800 $
ABC Company has the following purchases and sales during the month of December Units Unit Cost Beginning inventory 1-Dec 2.600 $15.50 Purchase 6.Dec 1.800 $ 17.00 Sale 11-Doc 3.000 $ 27.00 Purchase 17-Dec 1,800 $ 16.50 Sale: 24-Dec 1.326 $ 26,00 Assume that the company is using a perpetual system and the FIFO cost formula. Calculate the amount that would be reported in editve inventory and COGS on the triancial statements (note: this should be the dollar amount, not the number of units). Required: Solve for each of the following Ending Inventory: Cost of Goods Sold: $ Gross Profit Note - Format your number as follows: 56000 (no decimals, commas or symbols)
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