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J & G sells a variety of school supplies from a store located at Red Mountain Mall. The business began the second quarter (April to
J & G sells a variety of school supplies from a store located at Red Mountain Mall. The business began the second quarter (April to June) of 2009 with 2,000 pencil cases at a total cost of $200,000. The following transactions took place during the quarter.
Using the FIFO method, the values of purchases and COGS after accounting for the transaction on May 1, 2009 are:
a.
$688,000 and $112,000
b.
$697,000 and $100,000
c.
$691,000 and $113,000
d.
$897,000 and $112,000
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