Chapter 7 Quiz Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows: June Inventory 50 units at $10 6 Sale 20 units 14 90 units at $11 Purchase 19 Sale 60 units 25 Purchase 30 |Sale 40 units at $13 50 units |The business maintains a perpetual inventory system, costing by the first-in, first-out method. Using the chart below, determine the cost of ending inventory. Sales Date Purchases Inventory (Cost of goods) Unit Cost Total Unit Cost Total Unit Cost Total 1-Jun 6-Jun 14-Jun 19-Jun 25-Jun 30-Jun Cost of ending inventory
Chapter 7 Quiz Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows: June Inventory 50 units at $10 6 Sale 20 units 14 90 units at $11 Purchase 19 Sale 60 units 25 Purchase 30 |Sale 40 units at $13 50 units |The business maintains a perpetual inventory system, costing by the first-in, first-out method. Using the chart below, determine the cost of ending inventory. Sales Date Purchases Inventory (Cost of goods) Unit Cost Total Unit Cost Total Unit Cost Total 1-Jun 6-Jun 14-Jun 19-Jun 25-Jun 30-Jun Cost of ending inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:|Chapter 7 Quiz
|Perpetual Inventory Using FIFO
Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows:
|Inventory
|50 units at $10
June
1
Sale
20 units
14
Purchase
90 units at $11
19
Sale
60 units
40 units at $13
|50 units
25
Purchase
30
|Sale
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
|Using the chart below, determine the cost of ending inventory.
Sales
Date
Purchases
Inventory
(Cost of goods)
Unit
Unit
Cost
Total
Cost
Total
Unit
Cost
Total
1-Jun
6-Jun
14-Jun
19-Jun
25-Jun
30-Jun
Cost of ending inventory =
INCORRE
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