- Steve Smith has the following perpetual inventory purchases and sales: Date May 1 May 10...
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- Steve Smith has the following perpetual inventory purchases and sales: Date May 1 May 10 May 15 May 20 Transaction Inventory Purchase Sales Purchase Number of units Sale • Cost of Sales • Gross profit • Ending Inventory 11,000 25,000 30,000 15,000 Required: Using the FIFO method, Calculate: Per unit $ 50 $ 55 $100 $57 Total $550,000 $1,375,000 $3000,000 $ 855,000 - Steve Smith has the following perpetual inventory purchases and sales: Date May 1 May 10 May 15 May 20 Transaction Inventory Purchase Sales Purchase Number of units Sale • Cost of Sales • Gross profit • Ending Inventory 11,000 25,000 30,000 15,000 Required: Using the FIFO method, Calculate: Per unit $ 50 $ 55 $100 $57 Total $550,000 $1,375,000 $3000,000 $ 855,000
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Beginning inventory Date May 1 Units 11000 Cost per unit 50 Total cost 11000 50 550000 ... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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