Tesco Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2018, the numberof gadgets purchased and sold was as follows:Purchases:Jan 1Jan 3Jan 8Jan 15Jan 27300 units at $3.50500 units at $4.50100 units at $5.00100 units at $5.50100 units at $6.00Sales:Jan 10400 units*Jan 20 200 units*** For specific identification, sold 150 units of January 1 purchase, 150 units of the January 3 purchase and 100 fromJanuary 8 purchase.**For specific identification, sold 50 units of January 1 purchase and 150 units from January 3 purchase.Assume the January 10 units were sold on account for $20 each, and the January 20 units were sold on account for$22 each.Required:1. Complete the inventory record card, and calculate cost of goods sold and the cost of ending inventoryunder each of the following inventory cost flow assumptions:a. FIFO

In FIFO method, the goods purchased first are sold first. The first in first out method is applied…

Answered: chases: 1 3 8 15 27 300 units at $3.50…

chases: 1 3 8 15 27 300 units at $3.50 500 units at $4.50 100 units at $5.00 100 units at $5.50 100 units at $6.00 s: 10 400 units*

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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