Question
RunwayRunway Stores reports the following transactions related to inventory. RunwayRunway sells all products at $9 each What is RunwayRunway?'s cost of goods sold and ending
RunwayRunway Stores reports the following transactions related to inventory. RunwayRunway sells all products at $9 each
What is RunwayRunway?'s cost of goods sold and ending inventory for the current year using the FIFO method under a perpetual? system? ?(When entering the layers for the units? sold, enter the first layer sold under FIFO on the first available? line, then the next layer sold under FIFO on the next? line, and so on. CGS? = Cost of Goods? Sold.)
FIFO: | Cost of | ||||||
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| Units | Unit | Total | Units | Sold Per | Goods | Inventory |
Transaction | Purchased | Cost | Cost | Sold | Unit | Sold | Balance |
Beginning inventory |
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Purchase - 3/30 |
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Purchase - 4/16 |
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Sale - 5/11 |
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Purchase - 6/13 |
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Sale - 7/1 |
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Purchase - 10/5 |
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Under the FIFO? method, RunwayRunway?'s total cost of ending inventory is ?$__and the cost of goods sold for the year is $__.
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