Question
Oliver Cat Emporium made the following cat toy and furniture purchases and sales during the month of March: Mar 2 purchased 600 units at $16
Oliver Cat Emporium made the following cat toy and furniture purchases and sales during the month of March:
| Mar 2 purchased | 600 | units at | $16 each |
| Mar 8 purchased | 540 | units at | $18 each |
| Mar 12 sold | 550 | units at | $60 each |
| Mar 21 purchased | 710 | units at | $20 each |
| Mar 30 sold | 800 | units at | $60 each |
There was no beginning inventory. If the company uses the FIFO periodic inventory method (not the perpetual method), what would be the dollar value of both the COGS and the ending inventory?
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
