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ax LLC Reports the following transactions in 2022. Date 1/1/2022 Transaction Units Beginning inventory 4.500 Purchase 6,200 Purchase 1,700 3,500 2,000 3,000 1,500 2/15/2022 3/5/2022 5/15/2022 Sale 8/10/2022 Purchase 12/12/2022 Sale 12/18/2022 Purchase Unit price $12 $9 $16 $21 $25 Total cost $54,000 $55,800 $27,200 $42.000 $37,500 What is the Cost of Goods Sold using FIFO and perpetual inventory method?

ax LLC Reports the following transactions in 2022. Date 1/1/2022 Transaction Units Beginning inventory 4.500 Purchase 6,200 Purchase 1,700 3,500 2,000 3,000 1,500 2/15/2022 3/5/2022 5/15/2022 Sale 8/10/2022 Purchase 12/12/2022 Sale 12/18/2022 Purchase Unit price $12 $9 $16 $21 $25 Total cost $54,000 $55,800 $27,200 $42.000 $37,500 What is the Cost of Goods Sold using FIFO and perpetual inventory method?

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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Jax LLC Reports the following transactions in 2022. Date Transaction Units Beginning inventory 4.500 6,200 1,700 3,500 2,000 3,000 1,500 1/1/2022 2/15/2022 Purchase 3/5/2022 Purchase 5/15/2022 Sale 8/10/2022 Purchase 12/12/2022 Sale 12/18/2022 Purchase Unit price $12 $9 $16 $21 $25 Total cost $54,000 $55,800 $27,200 $42.000 $37,500 What is the Cost of Goods Sold using FIFO and perpetual inventory method?
Transcribed Image Text:Jax LLC Reports the following transactions in 2022. Date Transaction Units Beginning inventory 4.500 6,200 1,700 3,500 2,000 3,000 1,500 1/1/2022 2/15/2022 Purchase 3/5/2022 Purchase 5/15/2022 Sale 8/10/2022 Purchase 12/12/2022 Sale 12/18/2022 Purchase Unit price $12 $9 $16 $21 $25 Total cost $54,000 $55,800 $27,200 $42.000 $37,500 What is the Cost of Goods Sold using FIFO and perpetual inventory method?
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