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(Algo) Perpetual: Alternative cost flows LO P1 ny uses a perpetual inventory system. It entered into the following calendar-year purchases and sales trans Units Sold at Retail Units Acquired at Cost 600 units @ $35 per unit 300 units @ $32 per unit 150 units @ $20 per unit Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales 190 units @ $40 per unit 540 units @ $37 per unit 725 units @ $80 per unit 730 units @ $80 per unit

(Algo) Perpetual: Alternative cost flows LO P1 ny uses a perpetual inventory system. It entered into the following calendar-year purchases and sales trans Units Sold at Retail Units Acquired at Cost 600 units @ $35 per unit 300 units @ $32 per unit 150 units @ $20 per unit Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales 190 units @ $40 per unit 540 units @ $37 per unit 725 units @ $80 per unit 730 units @ $80 per unit

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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Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory Purchase Purchase February 10 Units Acquired at Cost 600 units @ $35 per unit 300 units @ $32 per unit 150 units @ $20 per unit March 13 25 March 15 Sales August 21 September 5 September 10 Sales Totals Purchase Purchase Cost of goods available for sale Number of units available for sale 190 units @ $40 per unit 540 units @ $37 per unit 1,780 units 2. Compute the number of units in ending inventory. Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. units Units Sold at Retail units 725 units @ $80 per unit 730 units @ $80 per unit 1,455 units
Transcribed Image Text:Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 Activities Beginning inventory Purchase Purchase February 10 Units Acquired at Cost 600 units @ $35 per unit 300 units @ $32 per unit 150 units @ $20 per unit March 13 25 March 15 Sales August 21 September 5 September 10 Sales Totals Purchase Purchase Cost of goods available for sale Number of units available for sale 190 units @ $40 per unit 540 units @ $37 per unit 1,780 units 2. Compute the number of units in ending inventory. Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. units Units Sold at Retail units 725 units @ $80 per unit 730 units @ $80 per unit 1,455 units
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