A company uses the periodic inventory system. The company began the month with zero inventory balance. They had the following transactions during the month of April April 4 April 8 April 14 April 22 April 27 Purchased Purchased Sold Purchased Sold 50 units @ $4.00 per unit 100 units @ $4.10 per unit 80 units @ $12.00 per unit 60 units @ $3.20 per unit 75 units @ $12.75 per unit At the end of the month, they counted the inventory and found 55 units remaining. If the company uses the FIFO costing method, how much was the Cost of Goods Sold for the month?

A company uses the periodic inventory system. The company began the month with zero inventory balance. They had the following transactions during the month of April April 4 April 8 April 14 April 22 April 27 Purchased Purchased Sold Purchased Sold 50 units @ $4.00 per unit 100 units @ $4.10 per unit 80 units @ $12.00 per unit 60 units @ $3.20 per unit 75 units @ $12.75 per unit At the end of the month, they counted the inventory and found 55 units remaining. If the company uses the FIFO costing method, how much was the Cost of Goods Sold for the month?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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