A company has the following inventory information and uses the periodic system: Beginning Inventory 13 units...
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A company has the following inventory information and uses the periodic system: Beginning Inventory 13 units at $2 each May 1 May 4 May 7 Purchase 10 units at $3 each Sale 19 units The company uses the FIFO method of inventory costing. What is the cost of goods sold and the ending merchandise inventory? OA COGS $44; Merchandise Inventory $12 OB. COGS $8; Morchandise Inventory $48 OC. COGS $48, Merchandise Inventory $8 OD. COGS $12. Merchandise Inventory $44 A company has the following inventory information and uses the periodic system: Beginning Inventory 13 units at $2 each May 1 May 4 May 7 Purchase 10 units at $3 each Sale 19 units The company uses the FIFO method of inventory costing. What is the cost of goods sold and the ending merchandise inventory? OA COGS $44; Merchandise Inventory $12 OB. COGS $8; Morchandise Inventory $48 OC. COGS $48, Merchandise Inventory $8 OD. COGS $12. Merchandise Inventory $44
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Sales units 19 which contains 13 units of May 1 beginning invento... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
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