Question
The inventory records of Duru Company reflected the following information for the month of September; Date Transaction Number of Units Unit Cost 1 Beginning Inventory
The inventory records of Duru Company reflected the following information for the month of September;
Date | Transaction | Number of Units | Unit Cost |
1 | Beginning Inventory | 200 | TL10 |
3 | Purchase | 300 | 8 |
5 | Sale | 250 |
|
11 | Purchase | 500 | 14 |
30 | Sale | 400 |
|
Assuming that unit selling price is 20 TL please determine the amount of ending merchandise inventory at the end of September and cost of goods sold and gross profit for the month September under FIFO method. (You do not have to make the journal entries).
Date | Purchase | COGS | Inventory on Hand | ||||||
|
|
|
|
|
|
|
|
| |
01.09 |
|
|
|
|
|
|
|
|
|
03.09 |
|
|
|
|
|
|
|
|
|
05.09 |
|
|
|
|
|
|
|
|
|
11.09 |
|
|
|
|
|
|
|
|
|
30.09 |
|
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started