Question
Henry's Biscuits has a perpetual inventory system that uses the first-in first-out method. The following transactions occurred in May: Date Description Units Total Cost Selling
Henry's Biscuits has a perpetual inventory system that uses the first-in first-out method.
The following transactions occurred in May:
Date | Description | Units | Total Cost | Selling Price |
May 1 | Opening inventory | 100 | $500 |
|
May 3 | Purchase | 150 | $900 |
|
May 5 | Sale | 120 |
| $12/unit |
May 13 | Purchase | 150 | $1,050 |
|
May 15 | Sale | 40 |
| $12/unit |
May 28 | Sale | 110 |
| $12/unit |
For each of the following, type the dollar amount (nearest dollar without dollar sign ($) or comma, e.g. 15000)?
May 5 cost of goods sold | Answer |
May 15 cost of goods sold | Answer |
May 28 cost of goods sold | Answer |
Ending inventory, May 31 | Answer |
Gross profit for May | Answer
|
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