Chapters, a bookseller, had the following transactions during the month of July 2 0 2 2 and
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Question:
Chapters, a bookseller, had the following transactions during the month of July and uses the perpetual inventory system.
Date Transaction Purchases Sales Balance
Quantity Cost Quantity Cost Quantity Cost
Jul $
Jul Bought novels at $ each. $ $
Jul Bought bags at $ each. $
$ $
Jul Sold novels. $ $
$
Jul Bought pencil cases at $ each. $
$
$ $
Jul Sold bags. $
$ $
$
Required
The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory on July
Do not enter dollar signs or commas in the input boxes.
Cost of Goods Sold $Answer
Ending Inventory $Answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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