Question
The Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to cost of
The Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| May 1 | Beginning Inventory | 160 units @ $11 | |
| 5 | Purchase | 225 units @ $13 | |
| 10 | Sales | 145 units @ $21 | |
| 15 | Purchase | 105 units @ $14 | |
| 24 | Sales | 95 units @ $22 | |
Multiple Choice
-
$3,355
-
$2,800
-
$3,215
-
$2,940
-
$6,155
Next
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Principles Of Auditing An Introduction To International Standards On Auditing
Authors: Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage
2nd Edition
0273684108, 978-0273684107
