A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units 3,000 4,000 7,000 * Includes purchase price and cost of freight Date of Sale January 5 January 12 January 20 Total Units Purchases Unit Cost $8 9 2,000 1,000 3,000 6,000 5,000 units were on hand at the end of the month. Total Cost $ 24,000 36,000 $ 60,000

A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units 3,000 4,000 7,000 * Includes purchase price and cost of freight Date of Sale January 5 January 12 January 20 Total Units Purchases Unit Cost $8 9 2,000 1,000 3,000 6,000 5,000 units were on hand at the end of the month. Total Cost $ 24,000 36,000 $ 60,000

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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