Question
Hi there Please help with the below question on priority in 1 hour. Thanks in advance. A company provides you with the following information about
Hi there
Please help with the below question on priority in 1 hour. Thanks in advance.
A company provides you with the following information about their inventory purchases
and sales:
Date Units Unit Cost Total
January 1, 2004 Beginning Inventory 6 $14.00 $84.00
January 10, 2004 Purchase #1 20 $14.25 $285.00
January 20, 2004 Purchase #2 10 $14.50 $145.00
January 15, 2004 Sale #1 12 $32.00 $384.00
January 25, 2004 Sale #2 15 $32.50 $487.50
Using the FIFO method, calculate the company's cost of goods sold for January 2004 and the company's ending inventory as of Jan. 31, 2004.
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