Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. Cost of goods sold $ eTextbook and Media 20640 Marigold Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 480 @ $5.40 April 3 400 @ $10.00 4 1,200 @ 5.50 9 1,120 (a 10.00 640 @ 5.80 11 480 11.00 13 960 @ 5.90 23 960 (a) 11.00 21 560 @ 6.00 27 720 @ 12.00 29 400 @ 6.20 3,680 4,240 (a1) Your answer is correct. 6/10 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Average-cost per unit $ 5.76 per unit
Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. Cost of goods sold $ eTextbook and Media 20640 Marigold Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 480 @ $5.40 April 3 400 @ $10.00 4 1,200 @ 5.50 9 1,120 (a 10.00 640 @ 5.80 11 480 11.00 13 960 @ 5.90 23 960 (a) 11.00 21 560 @ 6.00 27 720 @ 12.00 29 400 @ 6.20 3,680 4,240 (a1) Your answer is correct. 6/10 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Average-cost per unit $ 5.76 per unit
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.9.1MBA
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Transcribed Image Text:Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
Cost of goods sold
$
eTextbook and Media
20640
Transcribed Image Text:Marigold Company's record of transactions for the month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
480
@ $5.40
April 3
400
@ $10.00
4
1,200 @
5.50
9
1,120
(a
10.00
640 @
5.80
11
480
11.00
13
960
@
5.90
23
960
(a)
11.00
21
560 @ 6.00
27
720 @
12.00
29
400 @
6.20
3,680
4,240
(a1)
Your answer is correct.
6/10
Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal
places, eg. 2.76.)
Average-cost per unit
$
5.76
per unit
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