4) A company's inventory records indicate the following data for the month of April: April 1...
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4) A company's inventory records indicate the following data for the month of April: April 1 Beginning 350 units at $18 each April 5 Purchase 290 units at $20 each April 9 Sale 500 units at $55 each April 14 Purchase 250 units at $22 each April 20 Sale 200 units at $55 each April 30 Purchase 240 units at $25 each If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what is the amount of cost of goods sold for April? 4) A company's inventory records indicate the following data for the month of April: April 1 Beginning 350 units at $18 each April 5 Purchase 290 units at $20 each April 9 Sale 500 units at $55 each April 14 Purchase 250 units at $22 each April 20 Sale 200 units at $55 each April 30 Purchase 240 units at $25 each If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what is the amount of cost of goods sold for April?
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Answer rating: 100% (QA)
As per FIFOgoods purchased first are sold off first Hence sales on April 9 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Posted Date:
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