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Riverbed Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1 , of 152 tents. This consists of
Riverbed Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1 , of 152 tents. This consists of 51 tents purchased in February at a cost of $211 each and 101 tents purchased in March at a cost of $222 each. During April, the company had the following purchases and sales of tents: (a) Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold $ Cost of the ending inventory $
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