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Read Company uses the FIFO method for inventory costing. On April 1, the company had 15 units of product for a total cost of $270.00.
Read Company uses the FIFO method for inventory costing. On April 1, the company had 15 units of product for a total cost of $270.00. These 15 items were all purchased on March 28th. On April 6, the company purchased 25 items for a total cost of $500. On April 9th the company sold 25 units for $50 each. On April 14th, the company spends $264.00 for units at $22/unit. An inventory valuation template is included in the excel worksheet. If needed round to two decimal places. What is the unit cost of the items purchased on April 6th? $20 What is the total number of units in inventory after the April 6th purchase? 50 units What is the total cost of inventory on April 7th? S What is the cost of goods sold on April 9th? $ What is the ending inventory balance on April 9th? $ What is the ending inventory balance on April 14th? S How many units are on hand on April 14th? units What is the profit earned per unit for the items sold on April 9th? $
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