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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 8E: Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year,...
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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
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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