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I need help with 7-10 Use the following to answer questions 7-17 During September, KM Company sells 9,500 watches for $320.00 each. The company has
I need help with 7-10
Use the following to answer questions 7-17 During September, KM Company sells 9,500 watches for $320.00 each. The company has the following inventory purchase transactions for September: Date 1-Sep 7-Sep 24-Sep Transaction Beginning Inventory Purchase Purchase # of Units 700 6,000 3,300 10,000 Unit cost $215.00 $216.00 $220.00 Total Cost $150,500 1,296,000 726,000 $2,172,500 7. $_ _What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. 8. $_ _Calculate ending inventory (FIFO) Chapter 6 Page 6-1 9. $ Calculate cost of goods sold (FIFO) 10. $ Calculate gross profit (FIFO)Step by Step Solution
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