hrd.4 has the following inventory records for October 2023. Operating expenses for the month of October were $500 and the 250 units sold generated Sales Revenue of $3,750. Date Item Quantity (Units) Unit Cost Oct.1/23 Opening inventory 100 $9 Oct.7/23 Purchase 60 $9 Oct.10/23 Purchase 140 $10 Oct.19/23 Sales 250 Oct.22/23 Purchase 90 $11 Oct.28/23 Sales 50 Prepare the October 2023 income statements assuming that the company uses a: Periodic inventory system (prepare the income statement assuming that FIFO and weighted average cost were used). Perpetual inventory system (prepare the income statement assuming that FIFO and moving weighted average cost were used).
hrd.4 has the following inventory records for October 2023. Operating expenses for the month of October were $500 and the 250 units sold generated Sales Revenue of $3,750. Date Item Quantity (Units) Unit Cost Oct.1/23 Opening inventory 100 $9 Oct.7/23 Purchase 60 $9 Oct.10/23 Purchase 140 $10 Oct.19/23 Sales 250 Oct.22/23 Purchase 90 $11 Oct.28/23 Sales 50 Prepare the October 2023 income statements assuming that the company uses a: Periodic inventory system (prepare the income statement assuming that FIFO and weighted average cost were used). Perpetual inventory system (prepare the income statement assuming that FIFO and moving weighted average cost were used).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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hrd.4
has the following inventory records for October 2023. Operating expenses for the month of October were $500 and the 250 units sold generated Sales Revenue of $3,750.
| Date | Item | Quantity (Units) | Unit Cost |
| Oct.1/23 | Opening inventory | 100 | $9 |
| Oct.7/23 | Purchase | 60 | $9 |
| Oct.10/23 | Purchase | 140 | $10 |
| Oct.19/23 | Sales | 250 | |
| Oct.22/23 | Purchase | 90 | $11 |
| Oct.28/23 | Sales | 50 |
Prepare the October 2023 income statements assuming that the company uses a:
Periodic inventory system (prepare the income statement assuming that FIFO and weighted average cost were used).
Perpetual inventory system (prepare the income statement assuming that FIFO and moving weighted average cost were used).
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