The following information has been extracted from the records of Irish Company about one of its products. Irish company uses the perpetual system. Jan. 1 Beginning balance 8,000 70.00 Purchase 3,000 70.50 Feb. 5 Sale 10,000 Mar. 5 Purchase 11,000 73.50 Purchase return 800 73.50 Apr. 10 Sale 7,000 30 Sale return 300 13.) Assuming the FIFO perpetual method is used, what is the cost of the inventory on April 30?
The following information has been extracted from the records of Irish Company about one of its products. Irish company uses the perpetual system. Jan. 1 Beginning balance 8,000 70.00 Purchase 3,000 70.50 Feb. 5 Sale 10,000 Mar. 5 Purchase 11,000 73.50 Purchase return 800 73.50 Apr. 10 Sale 7,000 30 Sale return 300 13.) Assuming the FIFO perpetual method is used, what is the cost of the inventory on April 30?
Chapter10: Inventory
Section: Chapter Questions
Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...
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