Indigo Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Apr. 1 Beginning inventory Purchase 25 May 4 16 June 4 Purchase Sale Purchase Purchases Units 110 320 150 120 Unit Cost $15 17 19 23 Units 260 Sales Selling Price/Unit Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. $31
Indigo Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Apr. 1 Beginning inventory Purchase 25 May 4 16 June 4 Purchase Sale Purchase Purchases Units 110 320 150 120 Unit Cost $15 17 19 23 Units 260 Sales Selling Price/Unit Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. $31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Indigo Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year:
Apr. 1 Beginning inventory
May
25
4
16
June 4
Purchase
Purchase
Sale
Purchase
Cost of goods sold $
Purchases
Units
Ending inventory $
110
320
150
120
Unit Cost
$15
17
19
23
Units
260
Sales
Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30.
Selling Price/Unit
$31
Using the average cost formula, calculate the ending inventory at June 30. (Round per unit costs to 2 decimal places, e.g. 52.75 and
final answer to 0 decimal places, e.g. 5,125.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6be7c4e1-f7cb-4551-9dda-d5452f5ddeed%2F437f132c-d1dc-439f-ad5c-ac1df2ca490e%2Fxpuses8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Indigo Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year:
Apr. 1 Beginning inventory
May
25
4
16
June 4
Purchase
Purchase
Sale
Purchase
Cost of goods sold $
Purchases
Units
Ending inventory $
110
320
150
120
Unit Cost
$15
17
19
23
Units
260
Sales
Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30.
Selling Price/Unit
$31
Using the average cost formula, calculate the ending inventory at June 30. (Round per unit costs to 2 decimal places, e.g. 52.75 and
final answer to 0 decimal places, e.g. 5,125.)
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