The inventory of ABC Company on November 30, 2019 shows 2025 units at 1235 per...
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The inventory of ABC Company on November 30, 2019 shows 2025 units at € 1235 per unit. In December 2019 ABC Company sold 6700 units at € 1300 per unit. The following purchases were made during December 2019: Dec. 10 1725 units at € 1230 per unit Dec. 15 1825 units at € 1215 per unit Dec. 25 1675 units at € 1245 per unit Requirement: 1. Calculate the gross profit and cost of goods sold for December 2019 and the inventory cost as of December 31, 2019, using the FIFO method. The inventory of ABC Company on November 30, 2019 shows 2025 units at € 1235 per unit. In December 2019 ABC Company sold 6700 units at € 1300 per unit. The following purchases were made during December 2019: Dec. 10 1725 units at € 1230 per unit Dec. 15 1825 units at € 1215 per unit Dec. 25 1675 units at € 1245 per unit Requirement: 1. Calculate the gross profit and cost of goods sold for December 2019 and the inventory cost as of December 31, 2019, using the FIFO method.
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Step 1 Cost of Goods available for sale Step 3 Ending Inventory units Unit cost Total Value units av... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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