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Hello, can someone please help me with the items I've highlighted in yellow? Thanks! Assume that Toys Galore store bought and sold a line of
Hello, can someone please help me with the items I've highlighted in yellow? Thanks!
Assume that Toys Galore store bought and sold a line of dolls during December as follows: i - More Info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 11 units @ $ 10 each 9 units @ $ 16 each 16 units @ $ 14 each 14 units @ $ 16 each Print Done Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate th quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Quantity Cost 11 $ 10 $ Dec. 1 110 Dec. 8 9 $ 10 $ 90 2 $ 10 $ 20 Dec. 14 16 $ 14 $ 224 2 $ 20 10 $ 14 $ 16 | $ 224 Dec. 21 2 $ 10 $ 20 $ 14 $ 14 16 $ Totals 224Step by Step Solution
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