Current Attempt in Progress Gary & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 Inventory Purchase Purchase 4 7 10 Sale 12 Sale Ending inventory Units Cost of goods sold 60 $ 120 (60) (130) $ 120 Calculate the cost of goods sold and ending inventory under FIFO. Purchase Sales Price Price $5 $5.50 $9 $10 $10 FIFO

Current Attempt in Progress Gary & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 Inventory Purchase Purchase 4 7 10 Sale 12 Sale Ending inventory Units Cost of goods sold 60 $ 120 (60) (130) $ 120 Calculate the cost of goods sold and ending inventory under FIFO. Purchase Sales Price Price $5 $5.50 $9 $10 $10 FIFO

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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The inventory data for an item for November are: Nov. 1 Inventory 23 units at $21 4 Sale 10 Purchase 17 Sale 30 Purchase 9 units 29 units at $22 22 units 22 units at $23 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $673 b. $968 C. $659 d. $967