A company just starting business made the following four inventory purchases in June: Date June 1...
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A company just starting business made the following four inventory purchases in June: Date June 1 June 10 June 15 June 28 Number of Units 180 240 240 180 Total Cost $576 792 816 630 On June 25, the company made its first sale when a local customer purchased 600 units for $4,200. The company uses a perpetual inventory system. Using the FIFO cost method, the amount of the cost of goods sold for June is? Question 19 A company just starting in business purchased three merchandise inventory items at the following prices. March 2, $150; March 7, $160; and March 15, $180. If the company sold two units for $250 each on March 10 and March 20, and used the FIFO cost formula in a perpetual inventory system, the gross profit for March would be? A company just starting business made the following four inventory purchases in June: Date June 1 June 10 June 15 June 28 Number of Units 180 240 240 180 Total Cost $576 792 816 630 On June 25, the company made its first sale when a local customer purchased 600 units for $4,200. The company uses a perpetual inventory system. Using the FIFO cost method, the amount of the cost of goods sold for June is? Question 19 A company just starting in business purchased three merchandise inventory items at the following prices. March 2, $150; March 7, $160; and March 15, $180. If the company sold two units for $250 each on March 10 and March 20, and used the FIFO cost formula in a perpetual inventory system, the gross profit for March would be?
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Answer rating: 100% (QA)
To calculate the cost of goods sold COGS using the FIFO FirstIn FirstOut method we need to determine the cost of the units sold based on the order in ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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