Question
Flex Co. uses a periodic inventory system. The following are inventory transactions for the month of January: 1/1 Beginning inventory 10,000 units at $3 1/5
Flex Co. uses a periodic inventory system. The following are inventory transactions for the month of January:
| 1/1 | Beginning inventory | 10,000 units at $3 |
| 1/5 | Purchase | 5,000 units at $4 |
| 1/15 | Purchase | 5,000 units at $5 |
| 1/20 | Sales at $10 per unit | 10,000 units |
Flex uses the average pricing method to determine the value of its inventory. What amount should Flex report as cost of goods sold on its income statement for the month of January?
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The Digital Transformation Of Auditing And The Evolution Of The Internal Audit
Authors: Nabyla Daidj
1st Edition
1032103914, 978-1032103914
