Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 10 Sales (275 ) 480 15 Purchases 926 121 112,046 1,406 25 Sales (311 ) 1,095 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 10 Sales (275 ) 480 15 Purchases 926 121 112,046 1,406 25 Sales (311 ) 1,095 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods
Section: Chapter Questions
Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...
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