ABC Co. a wholesaler has the following information for the month of Aug Date Transaction Units Unit cost Aug 1 Beginning 400 10 12 Purchase 600 12 16 Sales 500 18 Purchase 300 15 22 Sales 200 29 Purchase 400 14 30 Sale 400 4. Using perpetual inventory system under FIFO method, how much is the ending inventory and cost of sales, respectively?

ABC Co. a wholesaler has the following information for the month of Aug Date Transaction Units Unit cost Aug 1 Beginning 400 10 12 Purchase 600 12 16 Sales 500 18 Purchase 300 15 22 Sales 200 29 Purchase 400 14 30 Sale 400 4. Using perpetual inventory system under FIFO method, how much is the ending inventory and cost of sales, respectively?

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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