Question: Alpha Company uses the FIFO method for inventory valuation. The following information is available for the month of June 2024: Beginning Inventory: 1,000 units at
Alpha Company uses the FIFO method for inventory valuation. The following information is available for the month of June 2024:
- Beginning Inventory: 1,000 units at SAR 10 per unit
- Purchases:
- June 10: 2,000 units at SAR 12 per unit
- June 20: 1,500 units at SAR 15 per unit
- Sales:
- June 15: 2,500 units
- June 25: 1,000 units Calculate the cost of goods sold, ending inventory, and gross profit for Alpha Company using the FIFO method.
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