Jan. July 25 1 Oct. 20 (a) 20 (b) 21 (c) (d) Beginning inventory Purchase Nov. 15 Sale Sale Purchase Purchase Units 15 60 65 30 45 75 Unit Cost $6.20 6.60 6.40 7.00 Total Cost Answer the following independent questions: (Round answers using average cost formula to 2 decimal places, e.g. 15.25.) $93 396 192 315 Assume that the company uses the FIFO cost formula. The cost of goods sold for the Jan. 21 sale was $ Assume that the company uses the average cost formula. The cost of goods sold for the Jan. 21 sale was $ Assume that the company uses the average cost formula. The value of the inventory after the Nov. 15 sale was $ Assume that the company uses the FIFO cost formula. The value of the inventory after the Oct. 20 purchase is $
Jan. July 25 1 Oct. 20 (a) 20 (b) 21 (c) (d) Beginning inventory Purchase Nov. 15 Sale Sale Purchase Purchase Units 15 60 65 30 45 75 Unit Cost $6.20 6.60 6.40 7.00 Total Cost Answer the following independent questions: (Round answers using average cost formula to 2 decimal places, e.g. 15.25.) $93 396 192 315 Assume that the company uses the FIFO cost formula. The cost of goods sold for the Jan. 21 sale was $ Assume that the company uses the average cost formula. The cost of goods sold for the Jan. 21 sale was $ Assume that the company uses the average cost formula. The value of the inventory after the Nov. 15 sale was $ Assume that the company uses the FIFO cost formula. The value of the inventory after the Oct. 20 purchase is $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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davuben
Transcribed Image Text:Jan.
July 25
1
Oct. 20
(a)
20
(b)
21
(c)
(d)
Beginning inventory
Purchase
Nov. 15 Sale
Sale
Purchase
Purchase
Units
15
60
65
30
45 75
Unit Cost
$6.20
6.60
6.40
7.00
Total Cost
Answer the following independent questions: (Round answers using average cost formula to 2 decimal places, e.g. 15.25.)
$93
396
192
315
Assume that the company uses the FIFO cost formula. The cost of goods sold for the Jan. 21 sale was $
Assume that the company uses the average cost formula. The cost of goods sold for the Jan. 21 sale was $
Assume that the company uses the average cost formula. The value of the inventory after the Nov. 15 sale was $
Assume that the company uses the FIFO cost formula. The value of the inventory after the Oct. 20 purchase is $
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