At the beginning of the current period, a company carried 750 units of its product with a
Question:
At the beginning of the current period, a company carried 750 units of its product with a unit cost of $29. A summary of purchases during the current period follows. Also, during the current period, the company sold 2,675 units. Assume that the company in this example uses the first-in, first-out method. Compute both cost of goods sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period. Assume that the company in this example uses the first-in, first-out method. Compute both cost of goods sold for the current period and the ending inventory balance. Use the financial statement effects template
Units | Unit Cost | Cost | ||||
Beginning Inventory | 750 | 29.00 | 21,750 | |||
Purchases | ||||||
#1 | 1,425 | 28.00 | 39,900 | |||
#2 | 795 | 34.00 | 27,030 | |||
#3 | 900 | 32.50 | 29,250 | |||
#4 | 1,240 | 30.50 | 37,820 | |||
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr