Question
Pass N Go, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Old
Pass N Go, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Old Saybrook, Connecticut, location follow (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the qua sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, SX.XX. Enter the oldest inventory layers first.) Purchases Unit Cost of Goods Sold Inventory on Hand Total Unit Total Unit Date Nov. 2 Quantity Cost Cost Quantity Cost Cost Quantity Cost Total Cost 13 Tals 14 More info Nov. 2 Nov. Nov. Purchased 10 gallons @ $1.75 each Purchased 2 gallons @$2.05 each Bold 4 gatons of milk to a customer Nov. 13 Purchased 2 gallons @ $2.30 each customer Nov. 14 Sold 4 gallons of milk to a Print Done x
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