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A) Compute the January 31 ending inventory and cost of goods sold for January, assuming COVID uses FIFO B) Compute the January 31 ending inventory and cost of goods sold for anuary, assuming COVID uses average cost .and a perpetual inventory system

A) Compute the January 31 ending inventory and cost of goods sold for January, assuming COVID uses FIFO B) Compute the January 31 ending inventory and cost of goods sold for anuary, assuming COVID uses average cost .and a perpetual inventory system

FINANCIAL ACCOUNTING
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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Shown below is activity for one of the products of COVID Co January 1 balance, 500 units @ $55 per unit :Purchases January 10: 500 units @ $63 per unit January 20: 1,000 units @ $60 per unit :Sales January 12: 800 units January 28: 750 units Required: (SHOW YOUR WORKING. You can upload your working for this question via the provided link/ button) A) Compute the January 31 ending inventory and cost of goods sold for January, assuming COVID uses FIFO B) Compute the January 31 ending inventory and cost of goods sold for January, assuming COVID uses average cost .and a perpetual inventory system
Transcribed Image Text:Shown below is activity for one of the products of COVID Co January 1 balance, 500 units @ $55 per unit :Purchases January 10: 500 units @ $63 per unit January 20: 1,000 units @ $60 per unit :Sales January 12: 800 units January 28: 750 units Required: (SHOW YOUR WORKING. You can upload your working for this question via the provided link/ button) A) Compute the January 31 ending inventory and cost of goods sold for January, assuming COVID uses FIFO B) Compute the January 31 ending inventory and cost of goods sold for January, assuming COVID uses average cost .and a perpetual inventory system
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