Inventory information for Part 311 of Metlock Corp. discloses the following information for the month of June: June 1 Balance 450 units @ $1 June 10 Sold 310 units @ $2.40 11 Purchased 1,220 units @ $2 15 Sold 740 units @ $2.50 20 20 Purchased 740 units @ $3 27 Sold 450 units @ $2.70 (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory un FIFO. Cost of goods sold Ending inventory tA tA (1) LIFO +A SA (2) FIFO
Inventory information for Part 311 of Metlock Corp. discloses the following information for the month of June: June 1 Balance 450 units @ $1 June 10 Sold 310 units @ $2.40 11 Purchased 1,220 units @ $2 15 Sold 740 units @ $2.50 20 20 Purchased 740 units @ $3 27 Sold 450 units @ $2.70 (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory un FIFO. Cost of goods sold Ending inventory tA tA (1) LIFO +A SA (2) FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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