During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
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During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units 100 40 Unit Cost $10 12 Beginning inventory Jan. 5 purchased Jan. 10 sold Jan. 15 purchased Jan. 25 sold 60 70 13 50 The selling price per unit is $20. 1. Using the perpetual inventory system, calculate the total cost of goods sold for January and cost of the company's January 31 inventory for the following methods. Show all your work using the format used in the book! a) FIFO b) LIFO c) Weighted average d) Prepare joumal entries for the events listed in the question using the amounts calculated using in (a) FIFO method. During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units 100 40 Unit Cost $10 12 Beginning inventory Jan. 5 purchased Jan. 10 sold Jan. 15 purchased Jan. 25 sold 60 70 13 50 The selling price per unit is $20. 1. Using the perpetual inventory system, calculate the total cost of goods sold for January and cost of the company's January 31 inventory for the following methods. Show all your work using the format used in the book! a) FIFO b) LIFO c) Weighted average d) Prepare joumal entries for the events listed in the question using the amounts calculated using in (a) FIFO method.
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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