ABC Company provides the following information for the month of August. Date Units $/Unit Total Aug 1
Fantastic news! We've Found the answer you've been seeking!
Question:
- ABC Company provides the following information for the month of August.
- Date Units $/Unit Total
- Aug 1 Opening inventory 40 $ 30 $1,200
- Aug 3 Purchase 60 $ 35 $2,100
- Aug 10 Sale 100 $ 60 $6,000
- Aug 22 Purchase 90 $ 40 $3,600
- Aug 24 Sale 70 $ 70 $4,900
- Required:
What is the cost of goods sold if the company uses a perpetual inventory system and the FIFO method of valuing inventory?
Related Book For
Management Accounting
ISBN: 978-0132570848
6th Canadian edition
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
Posted Date: