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Date (a) Nov. 1 Beginning inventory 5 Purchases 12 19 22 Explanation 25 Sales Purchases Sales Purchases Cost of goods sold $ Ending inventory $ Unit Units Cost/Price 34 $298 25 303 (41) FIFO 40 (50) 34 42 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming North Hills uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 465 308 517 313 $ $ Average Cost

Date (a) Nov. 1 Beginning inventory 5 Purchases 12 19 22 Explanation 25 Sales Purchases Sales Purchases Cost of goods sold $ Ending inventory $ Unit Units Cost/Price 34 $298 25 303 (41) FIFO 40 (50) 34 42 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming North Hills uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 465 308 517 313 $ $ Average Cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Date Nov. (a) 1 Beginning inventory Purchases Sales 5 12 19 22 Explanation 25 Purchases Sales Purchases Cost of goods sold $ Ending inventory $ Units FIFO 34 $298 25 | | Unit Cost/Price (41) 40 308 (50) 517 34 313 42 303 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming North Hills uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 465 $ $ 5 Average Cost !! ..
Transcribed Image Text:Date Nov. (a) 1 Beginning inventory Purchases Sales 5 12 19 22 Explanation 25 Purchases Sales Purchases Cost of goods sold $ Ending inventory $ Units FIFO 34 $298 25 | | Unit Cost/Price (41) 40 308 (50) 517 34 313 42 303 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming North Hills uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 465 $ $ 5 Average Cost !! ..
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