Question
An inventory record card for item N-151 shows the following details in 2022. Date Purchases Sales Jan 1 Jan 5 Jan 9 Jan 18
An inventory record card for item N-151 shows the following details in 2022. Date Purchases Sales Jan 1 Jan 5 Jan 9 Jan 18 Jan 24 Jan 29 Jan 31 Quantity Cost/Unit Quantity Cost/Unit Quantity Cost/Unit 59 $72 $72 $72 $74 112 41 44 $74 $77 $81 39 20 49 63 33 $72 $72 $74 $74 $77 Balance Do not enter dollar signs or commas in the input boxes. Cost of Goods Sold = $15077 Ending Inventory = Check 220 112 63 63 41 8 8 44 $74 $74 $77 $77 $77 $81 Required The company uses the FIFO cost method for inventory valuation under the perpetual inventory system. Calculate the cost of goods sold for the month, and the value of ending inventory at the end of January.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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