Question
The following information is taken from the records of the Blue Company. The Blue Company uses a Perpetual inventory system. Required : Determine the cost
The following information is taken from the records of the Blue Company. The Blue Company uses a Perpetual inventory system.
Required:
Determine the cost of goods sold for the month using the FIFO cost flow assumption.
Determine the cost of goods sold for the month using the LIFO cost flow assumption.
How many units are in ending inventory and what is the cost of ending inventory under each assumption?
What is the cost of goods available for sale under each assumption?
Assuming Blue sells each unit for $8 each, what is the gross profit of the 7/21 sale?
| Date | Transaction | # Units | Cost/ Unit |
| 7/1 | Beginning Inventory | 26 | 5.50 |
| 7/4 | Sale | 10 |
|
| 7/12 | Purchase | 12 | 6.00 |
| 7/16 | Sale | 10 |
|
| 7/21 | Sale | 8 |
|
| 7/25 | Purchase | 9 | 6.15 |
| 7/31 | Sale | 15 |
|
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Privacy In Practice Establish And Operationalize A Holistic Data Privacy Program Security Audit Leadership Series
Authors: Alan Tang
1st Edition
1032125470, 978-1032125473
