Cheyenne Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 Units 1,402 800 929 Question 2 of 4 Purchases Cost of Goods Sold Unit Cost $25 Ending Inventory 27 $ 35 FIFO $ Units 602 1,200 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Sales Unit Price $95 75 Average Cost +A ...
Cheyenne Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 Units 1,402 800 929 Question 2 of 4 Purchases Cost of Goods Sold Unit Cost $25 Ending Inventory 27 $ 35 FIFO $ Units 602 1,200 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Sales Unit Price $95 75 Average Cost +A ...
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Cheyenne Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the
following purchases and sales for one of its products:
Date
Jan. 1
(a)
7
14
16
17
Units
1,402
Purchases
800
Question 2 of 4
929
Unit Cost
$25
Ending Inventory
Cost of Goods Sold $
27
35
FIFO
+A
Units
602
1,200
Sales
Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax.
(Round average cost answers to 2 decimal places, e.g. 5,275.75.)
Unit Price
$95
75
Average Cost
tA
+A
...
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