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ABC Co. uses a perpetual inventory system and uses the weighted average cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Date Jan 1 Jan 5 Jan 10 Jan 25 Jan 30 Inventory Beginning Inventory Purchase Sale Purchase Sale O $110 O $167.20 O $151.80 O $148.50 8 @ $12 = $96 12 @ $15= $180 11 @ $50 each 10 @ $18= $180 3 @ $55 each

ABC Co. uses a perpetual inventory system and uses the weighted average cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Date Jan 1 Jan 5 Jan 10 Jan 25 Jan 30 Inventory Beginning Inventory Purchase Sale Purchase Sale O $110 O $167.20 O $151.80 O $148.50 8 @ $12 = $96 12 @ $15= $180 11 @ $50 each 10 @ $18= $180 3 @ $55 each

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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Multiple Choice Question ABC Co. uses a perpetual inventory system and uses the weighted average cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Date Jan 1 Jan 5 Jan 10 Jan 25 Jan 30 Inventory Beginning Inventory Purchase Sale Purchase Sale O $110 O $167.20 O $151.80 O $148.50 8 @ $12 = $96 12 @ $15= $180 11 @ $50 each 10 @ $18= $180 3 @ $55 each 4
Transcribed Image Text:Multiple Choice Question ABC Co. uses a perpetual inventory system and uses the weighted average cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Date Jan 1 Jan 5 Jan 10 Jan 25 Jan 30 Inventory Beginning Inventory Purchase Sale Purchase Sale O $110 O $167.20 O $151.80 O $148.50 8 @ $12 = $96 12 @ $15= $180 11 @ $50 each 10 @ $18= $180 3 @ $55 each 4
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