Question
Anushka company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to
Anushka company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using FIFO.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| April 1 | Beginning Inventory | 175 units @ $15.00 |
|
| 4 | Purchase | 150 units @ $16.00 |
|
| 7 | Sales |
| 160 units @ $30.00 |
| 10 | Purchase | 200 units @ $17.00 |
|
| 16 | Sales |
| 250 units @ $30.00 |
| 25 | Purchase | 160 units @ $18.00 |
|
| 28 | Sales |
| 150 units @ $32.00 |
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Payroll Accounting 2022
Authors: Bernard J. Bieg, Judith A. Toland
32nd Edition
0357518756, 9780357518755
