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During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units Cost per unit. Begin Inventory 100 $12 50 Jan 5 Sale 10 Purchase 15 Sale 25 25 Sale 35 REQUIRED: Prepare a schedule to show the cost of goods sold and ending 70 $16

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units Cost per unit. Begin Inventory 100 $12 50 Jan 5 Sale 10 Purchase 15 Sale 25 25 Sale 35 REQUIRED: Prepare a schedule to show the cost of goods sold and ending 70 $16

FINANCIAL ACCOUNTING
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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During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units Cost per unit. Begin Inventory 100 Jan 5 Sale 10 Purchase 15 Sale 25 25 Sale 35 REQUIRED: Prepare a schedule to show the cost of goods sold and ending inventory using the moving weighted average method of costing rounding calculations to two decimals. 50 $12 70 $16
Transcribed Image Text:During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units Cost per unit. Begin Inventory 100 Jan 5 Sale 10 Purchase 15 Sale 25 25 Sale 35 REQUIRED: Prepare a schedule to show the cost of goods sold and ending inventory using the moving weighted average method of costing rounding calculations to two decimals. 50 $12 70 $16
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