During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit Total 1. 400 $3.30 $1,320 100 3.60 360 200 3.90 780 4 50 4.20 210 750 $2,670 • The firm uses a periodic inventory system and calculates inventory and COGS at the end of the year. · Beginning inventory was 200 units at $3 per unit = $600. • Sales for the year were 600 units. 2. 3.

During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit Total 1. 400 $3.30 $1,320 100 3.60 360 200 3.90 780 4 50 4.20 210 750 $2,670 • The firm uses a periodic inventory system and calculates inventory and COGS at the end of the year. · Beginning inventory was 200 units at $3 per unit = $600. • Sales for the year were 600 units. 2. 3.

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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