Metlock Tackle Co. Ltd. reports the following inventory transactions for its fishing rods for the month...

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Metlock Tackle Co. Ltd. reports the following inventory transactions for its fishing rods for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost/Price Total Cost Apr. 1 Beginning inventory 53 $230 $12,190 6 Purchases 35 240 8,400 9 Sales (55) 350 14 Purchases 40 245 9,800 20 Sales (53) 360 28 Purchases 33 250 8,250 (a) Using FIFO, determine the cost of goods sold and the cost of ending inventory. Cost of goods sold $ Cost of ending inventory $ Metlock Tackle Co. Ltd. reports the following inventory transactions for its fishing rods for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost/Price Total Cost Apr. 1 Beginning inventory 53 $230 $12,190 6 Purchases 35 240 8,400 9 Sales (55) 350 14 Purchases 40 245 9,800 20 Sales (53) 360 28 Purchases 33 250 8,250 (a) Using FIFO, determine the cost of goods sold and the cost of ending inventory. Cost of goods sold $ Cost of ending inventory $

Answer rating: 100% (QA)

Cost of goods sold 6 units x 53 318 35 units x 53 1855 14 units x 53 742 ... View the full answer