Hempstead Company has the following data for 2019: Item Units Cost Inventory, 12/31/2018 990 $10,890 Purchases 4,510 49,610 Inventory, 12/31/2019 720 8,040 Required: 1. How many units were sold? ________1 units 2. Using the cost of goods sold model, determine the cost of goods sold.
Hempstead Company has the following data for 2019: Item Units Cost Inventory, 12/31/2018 990 $10,890 Purchases 4,510 49,610 Inventory, 12/31/2019 720 8,040 Required: 1. How many units were sold? ________1 units 2. Using the cost of goods sold model, determine the cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Applying the Cost of Goods Sold Model
Hempstead Company has the following data for 2019:
| Item | Units | Cost | ||
| Inventory, 12/31/2018 | 990 | $10,890 | ||
| Purchases | 4,510 | 49,610 | ||
| Inventory, 12/31/2019 | 720 | 8,040 |
Required:
1. How many units were sold?
________1 units
2. Using the cost of goods sold model, determine the cost of goods sold.
$ ___________
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