Red Company sells shovels and uses a periodic inventory system. Information about the company's purchases and...

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Red Company sells shovels and uses a periodic inventory system. Information about the company's purchases and sales of the shovels in the month of November follow: Units and unit purchase cost Beginning inventory 100 units @ $16.00 Units and unit sales price Date November 1 November 8 Purchase 210 units @ $17.25 November 15 Sale 120 units @ $37.00 November 22 Purchase 440 units @ $18.00 A physical inventory count determined that there were 630 units on hand on November 30. Required: Determine the dollar amount to be assigned to the ending inventory and to cost of goods sold using the first-in, first-out (FIFO) costing method. 1. Ending inventory (S) 2. Cost of goods sold ($) Blank # 1 Blank # 2 Red Company sells shovels and uses a periodic inventory system. Information about the company's purchases and sales of the shovels in the month of November follow: Units and unit purchase cost Beginning inventory 100 units @ $16.00 Units and unit sales price Date November 1 November 8 Purchase 210 units @ $17.25 November 15 Sale 120 units @ $37.00 November 22 Purchase 440 units @ $18.00 A physical inventory count determined that there were 630 units on hand on November 30. Required: Determine the dollar amount to be assigned to the ending inventory and to cost of goods sold using the first-in, first-out (FIFO) costing method. 1. Ending inventory (S) 2. Cost of goods sold ($) Blank # 1 Blank # 2

Answer rating: 100% (QA)

Solutions Under FIFO system the older stock is sold first Cost of goods sold and ending inventory ... View the full answer