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Please help me with this question and if you can please provide the steps. Thanks! Perpetual System-Calculating Ending Inventory and cost of Sales using FIFO
Please help me with this question and if you can please provide the steps. Thanks!
Perpetual System-Calculating Ending Inventory and cost of Sales using FIFO Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,400 $8.00 June 3 Purchases 2,800 8.40 June 7 Sales (at $16 per unit) 1,960 June 20 Purchases 1,904 9.00 June 22 Sales (at $16 per unit) 3,080 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. a. Ending inventory on June 30 $ b. Cost of goods sold for June $ 0 0Step by Step Solution
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