Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 Inventory May 15 Purchase May May 18 Explanation Units 24 Sale Purchase Total 29 24 (49) 38 91 Unit Cost $9 10 11 Total Cost $261 240 418 $919 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 Inventory May 15 Purchase May May 18 Explanation Units 24 Sale Purchase Total 29 24 (49) 38 91 Unit Cost $9 10 11 Total Cost $261 240 418 $919 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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