Cheyenne Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had thefollowing purchases and sales for one of its products:DateJan. 1(a)7141617Units1,402Purchases800Question 2 of 4929Unit Cost$25Ending InventoryCost of Goods Sold $2735FIFO+AUnits6021,200SalesDetermine 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$9575Average CosttA+A...

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Description: Cheyenne Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had thefollowing purchases and sales for one of its products:DateJan. 1(a)7141617Units1,402Purchases800Question 2 of 4929Unit Cost$

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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 ...

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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