9.Candance owns a small candy store that sells one type of candy. Her beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and she made the following purchases of candy during the year:March 110,000 boxes at $1.60$16,000August 1520,000 boxes at $1.7034,000November 2010,000 boxes at $1.8018,000 At the end of the year, Candance’s inventory consisted of 15,000 boxes of candy.Her Sales for the year is $53,500.What is her cost of goods sold using the FIFO inventory valuation method?

Name: 9.Candance owns a small candy store that sells one type of candy. Her
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Description: 9.Candance owns a small candy store that sells one type of candy. Her beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and she made the following purchases of candy during the year:March 110,000 boxes at $1.60

Sold Inventory = Beginning inventory + Purchases - Ending inventory

Answered: 9.Candance owns a small candy store…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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9.Candance owns a small candy store that sells one type of candy. Her beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and she made the following purchases of candy during the year:

March 1	10,000 boxes at $1.60	$16,000
August 15	20,000 boxes at $1.70	34,000
November 20	10,000 boxes at $1.80	18,000

At the end of the year, Candance’s inventory consisted of 15,000 boxes of candy.

Her Sales for the year is $53,500.

What is her cost of goods sold using the FIFO inventory valuation method?

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