Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units. Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is and the inventory balance at July 31 is Cost of goods sold Inventory balance 24 1,420
Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units. Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is and the inventory balance at July 31 is Cost of goods sold Inventory balance 24 1,420
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![Aug. 30
2 @ $115
10 @ $119
= $1,420
9.
5@$106 = $ 530
18@$115 = $2,070
$2,600
$4,570
Knowledge Check 01
es
Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10
units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units
for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.
Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is
and the inventory balance at July 31 is
Cost of goods sold
Inventory balance
1,420
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國
【T山
OCT
425
PAGES
átv A A
étv
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8)
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12e1c4b9-29c1-4afd-951e-604879263b29%2F3798f655-c8cf-45ad-a472-a250f3fec22b%2F3tdkp4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Aug. 30
2 @ $115
10 @ $119
= $1,420
9.
5@$106 = $ 530
18@$115 = $2,070
$2,600
$4,570
Knowledge Check 01
es
Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10
units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units
for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.
Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is
and the inventory balance at July 31 is
Cost of goods sold
Inventory balance
1,420
< Prev
16
17 18
of 18
Next >
國
【T山
OCT
425
PAGES
átv A A
étv
W
8)
%24
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