Question
The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system. Inventory: 1st March = 200 units @ $4.00 (purchased) Purchases:
The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system.
Inventory: 1st March = 200 units @ $4.00 (purchased)
Purchases: 12th March = 500 units @ $4.50 (purchased)
15th March = 400 units @ $4.75 (purchased)
17th March = 828 units @ $5.00 (purchased)
Sales: 20th March = 1928 units sold
Instructions
Under a perpetual inventory system, determine the cost of goods sold and ending inventory for the month of March under FIFO method
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
