Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 10 Sales (275 ) 480 15 Purchases 926 121 112,046 1,406 25 Sales (311 ) 1,095 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 10 Sales (275 ) 480 15 Purchases 926 121 112,046 1,406 25 Sales (311 ) 1,095 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
Date
Explanation
Units
Unit Cost
Total Cost
Balance in Units
Aug. 2
Purchases
249
$69
$17,181
249
3
Purchases
506
96
48.576
755
10
Sales
(275 )
480
15
Purchases
926
121
112,046
1,406
25
Sales
(311 )
1,095
(a)
Calculate the cost of goods sold and ending inventory using the FIFO cost method.
Cost of goods sold $
Ending inventory
$
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Transcribed Image Text:Current Attempt in Progress
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
Date
Explanation
Units
Unit Cost
Total Cost
Balance in Units
Aug. 2
Purchases
249
$69
$17,181
249
3
Purchases
506
96
48.576
755
10
Sales
(275 )
480
15
Purchases
926
121
112,046
1,406
25
Sales
(311 )
1,095
(a)
Calculate the cost of goods sold and ending inventory using the FIFO cost method.
Cost of goods sold $
Ending inventory
$
eTextbook and Media
Save for Later
Attempts: 0 of 3 used
Submit Answer
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