Date Duma Bookstore had the following beginning inventory and purchases of accounting textbooks during June. On...

 

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Date Duma Bookstore had the following beginning inventory and purchases of accounting textbooks during June. On Jun 30, 20Duma Bookstore sold 240 textbooks. Required: a) What is the cost of the 20 textbooks that remain in the ending inventory assuming FIFO and a perpetual inventory system? Hint: Complete the table below. b) What is cost of goods sold (COGS) on Jun 30th? c) What does COGS mean? Explain briefly. Units Beginning inventory, Jun 1 30 Purchase on Jun 27 110 Purchase on Jun 29 120 Total available for sale 260 Unit cost $10 11 12 Purchases Sales (at cost) Inventory Balance Unit Total Unit Units Cost Cost Units Cost Cost of Goods Sold Unit S Unit Cost Total Cost Beginning inventory Cost of goods available for sale = Cost of goods sold Ending inventory Date Duma Bookstore had the following beginning inventory and purchases of accounting textbooks during June. On Jun 30, 20Duma Bookstore sold 240 textbooks. Required: a) What is the cost of the 20 textbooks that remain in the ending inventory assuming FIFO and a perpetual inventory system? Hint: Complete the table below. b) What is cost of goods sold (COGS) on Jun 30th? c) What does COGS mean? Explain briefly. Units Beginning inventory, Jun 1 30 Purchase on Jun 27 110 Purchase on Jun 29 120 Total available for sale 260 Unit cost $10 11 12 Purchases Sales (at cost) Inventory Balance Unit Total Unit Units Cost Cost Units Cost Cost of Goods Sold Unit S Unit Cost Total Cost Beginning inventory Cost of goods available for sale = Cost of goods sold Ending inventory