Martinez Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price Jan. 1 1,406 $25 7 606 $95 14 800 27 16 927 35 17 1,200 75 75 27 504 28 28 30 1,530 75 (a) Your answer is incorrect. Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) FIFO Cost of Goods Sold $ Ending Inventory $ Average Cost $

Martinez Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price Jan. 1 1,406 $25 7 606 $95 14 800 27 16 927 35 17 1,200 75 75 27 504 28 28 30 1,530 75 (a) Your answer is incorrect. Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) FIFO Cost of Goods Sold $ Ending Inventory $ Average Cost $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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