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Smith has the following information: Beginning Inventory of 2,900 units at $7.70/ unit Purchased 3,600 units of inventory at $8/ unit Sold 4,100 units of
Smith has the following information:
- Beginning Inventory of 2,900 units at $7.70/ unit
- Purchased 3,600 units of inventory at $8/ unit
- Sold 4,100 units of inventory for $19/ unit
- Assume units purchased on credit
- Assume units sold on credit
- Assume perpetual/FIFO method
WHAT IS COST OF GOODS SOLD?
WHAT IS ENDING INVENTORY?
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen
8th edition
1259917061, 978-1259917066
