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Carla Vista Co. uses a perpetual inventory system. The following information is available for November: Units Purchase Price Sales Price 10 20 Nov. 1 4 7 10 12 Balance Purchase Purchase Sale Sale 22 (10) (30) Cost of goods sold Ending inventory $5.00 $5.50 $6.00 Calculate the cost of goods sold and ending inventory under FIFO. (Round answers to 0 decimal places, e.g. 5,275.) $8.00 $8.00 FIFO

Carla Vista Co. uses a perpetual inventory system. The following information is available for November: Units Purchase Price Sales Price 10 20 Nov. 1 4 7 10 12 Balance Purchase Purchase Sale Sale 22 (10) (30) Cost of goods sold Ending inventory $5.00 $5.50 $6.00 Calculate the cost of goods sold and ending inventory under FIFO. (Round answers to 0 decimal places, e.g. 5,275.) $8.00 $8.00 FIFO

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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Calculate the cost of goods sold and ending inventory under weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 5,275.) Cost of goods sold Ending inventory $ Weighted average
Transcribed Image Text:Calculate the cost of goods sold and ending inventory under weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 5,275.) Cost of goods sold Ending inventory $ Weighted average
Carla Vista Co. uses a perpetual inventory system. The following information is available for November: Purchase Price Sales Price $5.00 $5.50 $6.00 Nov. 1 4 7 10 12 Balance Purchase Purchase Sale Sale Units 10 20 22 (10) (30) Cost of goods sold Ending inventory Calculate the cost of goods sold and ending inventory under FIFO. (Round answers to 0 decimal places, e.g. 5,275.) S 12 $8.00 $8.00 FIFO tv9 Aw
Transcribed Image Text:Carla Vista Co. uses a perpetual inventory system. The following information is available for November: Purchase Price Sales Price $5.00 $5.50 $6.00 Nov. 1 4 7 10 12 Balance Purchase Purchase Sale Sale Units 10 20 22 (10) (30) Cost of goods sold Ending inventory Calculate the cost of goods sold and ending inventory under FIFO. (Round answers to 0 decimal places, e.g. 5,275.) S 12 $8.00 $8.00 FIFO tv9 Aw
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