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Indigo Companys record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 618 @ $6.00 April 3
Indigo Companys record of transactions for the month of April was as follows.
Purchases | Sales | ||||||||||
April 1 | (balance on hand) | 618 | @ | $6.00 | April 3 | 515 | @ | $10.00 | |||
4 | 1,545 | @ | 6.07 | 9 | 1,442 | @ | 10.00 | ||||
8 | 824 | @ | 6.36 | 11 | 618 | @ | 11.00 | ||||
13 | 1,236 | @ | 6.46 | 23 | 1,236 | @ | 11.00 | ||||
21 | 721 | @ | 6.66 | 27 | 927 | @ | 12.00 | ||||
29 | 515 | @ | 6.83 | 4,738 | |||||||
5,459 |
1. Assuming that perpetual inventory records are kept in dollars, determine the inventory using FIFO. (Round answer to 0 decimal places, e.g. 2,760.) ( The answer $4,767.87 or $4,768 is showing incorrect)
2. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.(Round answer to 0 decimal places, e.g. 2,760.) (The answer 29,862.79 or 29,863 is showing is incorrect)
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