Question
Roma Company uses the Periodic Inventory System. It reported the following transactions for the month of July 2021: Transaction Cost / units Price per
Roma Company uses the Periodic Inventory System. It reported the following transactions for the month of July 2021: Transaction Cost / units Price per Cost/ unit ($) price ($) Date # of Total 1/7 Beginning Inventory 200 4 800 5/7 Purchase 500 2500 7/7 Sale 400 8 3200 15/7 Purchase 500 5.5 2750 22/7 Sale 350 8 2800 30/7 Purchase 200 6 1200 If the company uses FIFO to value its inventory, Calculate the value of Cost of goods sold for July, 2021.
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Accounting Texts and Cases
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
13th edition
1259097129, 978-0073379593, 007337959X, 978-1259097126
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