Question
Shanda Lear's Lighting Company uses the periodic inventory system. During the month of July, it represents the following information: JULY 1( beginning inventory): 30 lights
Shanda Lear's Lighting Company uses the periodic inventory system. During the month of July, it represents the following information:
JULY 1( beginning inventory): 30 lights at $18 per light
JULY 9 (purchase): 92 lights at $20 per light
JULY 16 (purchase): 56 lights at $22 per light
JULY 28 (purchase): 47 lights at $25 per light
On July 31, a physical count reveals there are 60 lights in its inventory
- IF Shanda Lear's Lighting Company used FIFO, what is its cost of goods sold and ending inventory for the month of July?
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Federal Taxation 2018 Corporations, Partnerships, Estates & Trusts
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
31st Edition
134550923, 134550927, 978-0134550923
