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Can someone please explain where the 143 came from in this problem? This data is from an example problem. I understand most of it, but
Can someone please explain where the 143 came from in this problem?
This data is from an example problem. I understand most of it, but I cannot figure where they got the 143 number in the second picture from, can someone please explain it?
Edit: I was asked to provide the complete informaton. The sales price of each unit is $119. Other than that there is nr more info I haven't already shown
- X - Purchases i Data Table Cost of Goods Sold Unit Total Inventory on Hand Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 72 $ Jun. 1 8 $ 576 Date Quantity Unit Cost Item Balance Jun. 6 21 $ 725 144 6 $ 72 $ 432 Jun. 1 8 $ 72 6 12 s Jun. 8. 75 9001 6/5 721 $ 432 2 Sale Purchase 12$ 900 75$ 8 $ 12 75 12 Jun. 17 17 6 $ 72|$ 432 6 $ 75 $ 450 Sale Sale 30 4 6 $ 75$ Jun 30 4 $ 75$ 450 3001 1,326 2 $ 75$ 1501 $ 900 12 $ 18 S 2 150 y ta Totals Print Done Now identify the cost of ending inventory and cost of goods sold for the month Requirement 2. Journalize Golf Haven's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) First, we need to journalize the June 6 sale on account. Let's begin by calculating the total amount of the sale. Enter the amounts into the formula below by referring to information given, and then calculate the total amount of the sale. Units sold Sales price per unit Sales revenue 2 x 143 Journalize the sale of putters on account on the 6th. 286 - X - Purchases i Data Table Cost of Goods Sold Unit Total Inventory on Hand Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 72 $ Jun. 1 8 $ 576 Date Quantity Unit Cost Item Balance Jun. 6 21 $ 725 144 6 $ 72 $ 432 Jun. 1 8 $ 72 6 12 s Jun. 8. 75 9001 6/5 721 $ 432 2 Sale Purchase 12$ 900 75$ 8 $ 12 75 12 Jun. 17 17 6 $ 72|$ 432 6 $ 75 $ 450 Sale Sale 30 4 6 $ 75$ Jun 30 4 $ 75$ 450 3001 1,326 2 $ 75$ 1501 $ 900 12 $ 18 S 2 150 y ta Totals Print Done Now identify the cost of ending inventory and cost of goods sold for the month Requirement 2. Journalize Golf Haven's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) First, we need to journalize the June 6 sale on account. Let's begin by calculating the total amount of the sale. Enter the amounts into the formula below by referring to information given, and then calculate the total amount of the sale. Units sold Sales price per unit Sales revenue 2 x 143 Journalize the sale of putters on account on the 6th. 286Step by Step Solution
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