Guitars and more had a large inventory of guitars and other musical instruments. Using the FIFO method and the Perpetual Inventory System, the company recorded initial inventory, purchases, and sales. Determines the cost of the merchandise sold and the value of the inventory. Date Detail Amount Unit cost (unit cost) May 1 Initial inventory $75 Sale 8. Purchase 11 85 13 Sale 15 15 Sale 19 Purchase 20 105 21 Sale 8. 22 Sale 27 Purchase 10 90 30 Sale 3.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Guitars and more had a large inventory of guitars and other musical instruments. Using the
FIFO method and the Perpetual Inventory System, the company recorded initial inventory,
purchases, and sales. Determines the cost of the merchandise sold and the value of the
inventory.
Date
Detail
Amount
Unit cost (unit cost)
May 1
Initial inventory
$75
Sale
8.
Purchase
11
85
13
Sale
15
15
Sale
19
Purchase
20
105
21
Sale
8.
22
Sale
27
Purchase
10
90
30
Sale
3.
Transcribed Image Text:Guitars and more had a large inventory of guitars and other musical instruments. Using the FIFO method and the Perpetual Inventory System, the company recorded initial inventory, purchases, and sales. Determines the cost of the merchandise sold and the value of the inventory. Date Detail Amount Unit cost (unit cost) May 1 Initial inventory $75 Sale 8. Purchase 11 85 13 Sale 15 15 Sale 19 Purchase 20 105 21 Sale 8. 22 Sale 27 Purchase 10 90 30 Sale 3.
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