7441Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May.DateMayMay 15May 18May(a)1Explanation UnitsInventoryPurchaseSale24 PurchaseTotalCost of goods soldEnding Inventory$29$25(49)4397UnitCost$111213TotalCost$319Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.300559$1,178

FIFO means First in First out, thus units in the beginning inventory and from early purchases will…

Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May Date May May 15 May May 3) 1 Inventory Purchase Explanation Units 18 Sale 24 Purchase Total Cost of goods sold $ Ending Inventory 29 $ 25 (49) 43 97 Unit Cost $11 12 13 Total Cost $319 300 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO fc 559 $1,178

Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May Date May May 15 May May 3) 1 Inventory Purchase Explanation Units 18 Sale 24 Purchase Total Cost of goods sold $ Ending Inventory 29 $ 25 (49) 43 97 Unit Cost $11 12 13 Total Cost $319 300 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO fc 559 $1,178

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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