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On 1 August, Best Inc had a balance in inventory of 110 units at $10 per unit. The following transactions occurred during the month August
On 1 August, Best Inc had a balance in inventory of 110 units at $10 per unit. The following transactions occurred during the month August 1. Purchased 140 units $12 August 4 Sold 130 units August 6 Returned 10 units sold on August 4 August 8 Purchased 150 units @$15 August 10 Returned 15 units that was purchased on August 8 Calculate Cost of Goods sold and Ending Inventory under FIFO method using the below table
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