Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different costallocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).Numberof UnitsUnit CostSalesBeginning inventory800$60Purchased60062Sold390$88Sold35090Ending inventory660FIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of InventoryNumberNumberNumberof UnitsUnit CostTotal Costof unitsUnit CostTotal Costof unitsUnit CostBeginning800 V60Purchase6006237,2008006060062Sale3906023,4006060062Sale3506021,00060 htory800$6060062390$8835090660FIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory RemainingNumberNumberNumberof UnitsUnit CostTotal Costof unitsUnit CostTotal Costof unitsUnit CostTotal Cost8006048,0006006237,2008006048,0006006237,20039060 V23,400 V606006237,20035060 V21,0006060062 V37,200Total Purchases37,200Total COGS44,400

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Description: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different costallocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FI

Perpetual inventory System:-In this method, a record of sales and purchase of inventory is a…

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Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales Beginning inventory 800 $60 Purchased 600 62 Sold 390 $88 Sold 350 90 Ending inventory 660

Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales Beginning inventory 800 $60 Purchased 600 62 Sold 390 $88 Sold 350 90 Ending inventory 660

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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