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Assume a Championship outlet store began January 2010 with 50 units of inventory that cost $19 each. The sale price

Question:

Assume a Championship outlet store began January 2010 with 50 units of inventory that cost $19 each. The sale price of these units was $71. During January the store completed these inventory transactions:


Assume a Championship outlet store began January 2010 with 50


Requirements
1. Determine the stores cost of goods sold for January under the periodic inventory system. Assume the FIFO method.
2. Compute gross profit forJanuary.

Transcribed Image Text:

Unit Cost $19 19 Units Units Sale Price $71 73 71 73 73 74 73 Jan 3 Sale.17 19 24 30 31 Sale... 33 Sale.. Sale. Purchase.... 19 Sale. 39 21 20

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Req 1 Inventory Begin Bal 50 units 19 950 Purchases Jan 8 …View the full answer


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Financial accounting

Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

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Question Posted: December 10, 2012 04:47:06
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