Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pronghorn Ltd . , which uses A perpetual inventory system, recorded the following inventory transactions for this year. April 1 st beginning inventory units 1

Pronghorn Ltd., which uses A perpetual inventory system, recorded the following inventory transactions for this year. April 1st beginning inventory units 100unit cost 17$, april 25th purchase310 units at 19$ unit cost, may 4th purchase 140 units at 21$ unit cost, may 16th sale 250 units at 33$ per unit, june 4th purchase110 units at 25$ unit cost. Using the FIFO cost formula calculatethe cost of goods sold for the quarter ended june 30. Using the average cost formula , calculate the ending inventory at june 30.( round per unit costs to 2 decimal places , and final answer to 0 decimal places ).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Audit Learn How To Become An Auditor

Authors: Mireya Knolton

1st Edition

B097KPLYBF, 979-8524922564

More Books

Students also viewed these Accounting questions