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SMITH HAS THE FOLLOWING INFORMATION: - BEGINNING INVENTORY IS ZERO - PURCHASED 6,500 UNITS AT $18/UNIT - PURCHASED 8,000 UNITS OF INVENTORY AT $19/UNIT -
SMITH HAS THE FOLLOWING INFORMATION: - BEGINNING INVENTORY IS ZERO - PURCHASED 6,500 UNITS AT $18/UNIT - PURCHASED 8,000 UNITS OF INVENTORY AT $19/UNIT - SOLD 12,900 UNITS OF INVENTORY FOR $30/UNIT ASSUME UNITS PURCHASED ON CREDIT. ASSUME UNITS SOLD ON CREDIT. ASSUME PERPETUAL/FIFO METHOD. WHAT IS THE COST OF GOODS SOLD? WHAT IS ENDING INVENTORY? (on the balance sheet, not in units)
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