Question
The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 80 12 $960 2-May Purchase 85
The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 80 12 $960 2-May Purchase 85 15 $1,275 3-May Purchase 65 11 $715 10-May Sale 90 $30 15-May Purchase 45 18 $810 17-May Sale 55 $30 30-May Sale 105 $30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. End of the month totals Cost of Goods Sold $ 3670 Ending Inventory S Gross Profit $ X
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
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