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god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ $ LA $

god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ $ LA $

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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Inventory data for Martinez Corp. are presented as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 122 $5 $610 12 Purchases 389 6 2,334 23 Purchases 188 7 1,316 30 Inventory 216 Assume a sale of 434 units occurred on June 15 for a selling price of $9 and a sale of 49 units on June 27 for $10.
Transcribed Image Text:Inventory data for Martinez Corp. are presented as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 122 $5 $610 12 Purchases 389 6 2,334 23 Purchases 188 7 1,316 30 Inventory 216 Assume a sale of 434 units occurred on June 15 for a selling price of $9 and a sale of 49 units on June 27 for $10.
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ The cost of goods sold LA LA LA $ LA $ $ LA $ LA
Transcribed Image Text:Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ The cost of goods sold LA LA LA $ LA $ $ LA $ LA
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