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XYZ, Inc. uses a perpetual system and FIFO costing assumption. The company recorded the following transactions in 20X1: Date Units Cost Total Sales Price Jan.
XYZ, Inc. uses a perpetual system and FIFO costing assumption.
The company recorded the following transactions in 20X1:
Date | Units | Cost | Total | Sales | |
Price | |||||
Jan. 1 | Beginning Balance | 40 | $35 | $1,400 | |
Jan. 8 | Purchased | 50 | 48 | 2,400 | |
Jan. 18 | Purchased | 65 | 56 | 3,640 | |
Jan. 21 | Sold | 100 | $75 | ||
Jan. 25 | Sold | 23 | 75 | ||
Jan. 29 | Purchased | 48 | 41 | 1,968 | |
Jan. 31 | Sold | 35 | 75 |
Using the table above for XYZ, Inc. calculate Cost of Goods Sold, Ending inventory, and Gross Profit for the month using FIFO.
Cost of Goods Sold | Ending Inventory | Gross Profit | |||
$ | unanswered
| $ | unanswered
| $ |
|
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