following inventory information for the month of June. Units Date June.1 June.11 June.13 June 15 June 20 June 22 Explanation Beg. inv. Purchases Sales Sales return Purchases Sales Use FIFO and Calculate: 1) cost of ending inventory 2) cost of goods sold 3) gross profit. 150 100 10 40 30 Unit cost/selling price zero 13 15 15 15 20
following inventory information for the month of June. Units Date June.1 June.11 June.13 June 15 June 20 June 22 Explanation Beg. inv. Purchases Sales Sales return Purchases Sales Use FIFO and Calculate: 1) cost of ending inventory 2) cost of goods sold 3) gross profit. 150 100 10 40 30 Unit cost/selling price zero 13 15 15 15 20
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Question 3: James company uses a perpetual inventory system and had the
following inventory information for the month of June.
Units
Date
June.1
June.11
June.13
June 15
June 20
June 22
Explanation
Beg. inv.
Purchases
Sales
Sales return
Purchases
Sales
Use FIFO and Calculate:
1) cost of ending inventory
2) cost of goods sold
3) gross profit.
150
100
10
40
30
Unit cost/selling price
zero
13
15
15
15
20
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