Question
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.
| Units | Unit Cost | Total Cost | ||||||
|---|---|---|---|---|---|---|---|---|
| April 1 inventory | 300 | $19 | $ 5,700 | |||||
| April 15 purchase | 410 | 23 | 9,430 | |||||
| April 23 purchase | 290 | 25 | 7,250 | |||||
| 1,000 | $22,380 | |||||||
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
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Financial Accounting Version 3.1
Authors: Joe Ben Hoyle, C.J. Skender, Leah Kratz
1st Edition
1453339442, 9781453339442
