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Given the following: January 1 inventory April 1 June 1 November 11 Number purchased: 48 68 Cost of ending inventory 58 63 237 Cost per unit $3 6 7 8 Total 144 408 406 504 $ 1,462 $ a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 69 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 69 units). Cost of goods sold

Given the following: January 1 inventory April 1 June 1 November 11 Number purchased: 48 68 Cost of ending inventory 58 63 237 Cost per unit $3 6 7 8 Total 144 408 406 504 $ 1,462 $ a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 69 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 69 units). Cost of goods sold

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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Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 48 68 58 63 237 Cost per unit $3 6 7 8 Cost of goods sold Total $ 144 408 406 504 $1,462 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 69 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 69 units).
Transcribed Image Text:Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 48 68 58 63 237 Cost per unit $3 6 7 8 Cost of goods sold Total $ 144 408 406 504 $1,462 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 69 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 69 units).
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