Smith Company inventory records indicate the following transactions for October. Smith uses a perpetual Inventory system :
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Question:
Smith Company inventory records indicate the following transactions for October. Smith uses a perpetual Inventory system:
October | 1 | Beginning inventory | 2,400 units @$5.00 |
9 | Purchase | 5,600 units @$5.20 | |
15 | Sold | 6,000 units @$7.00 | |
17 | Purchase | 3,500 units @$5.36 | |
21 | Sold | 3,000 units @$7.25 | |
28 | Purchase | 2,000 units @$5.46 |
Task:
The physical count of inventory at October 31 indicates that 4,500 units are on hand. For specific identification purposes assume 1,800 units remain from the October 28 purchase and 2,700 remain from October 17 purchase. Compute ending inventory and cost of goods sold using each of the following methods: First-in, First-out
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