Mena Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. DateActivitiesUnits Acquired at CostUnits Sold at RetailApr. 1Beginning inventory20 units @ $3,000/unit Apr. 6Purchase30 units @ $3,500/unit Apr. 9Sales 35 units @ $12,000/unitApr. 17Purchase 5 units @ $4,500/unit Apr. 25Purchase10 units @ $4,580/unit Apr. 30Sales 25 units @ $14,000/unit Total65 units60 unitsRequiredCalculate Cost of Goods Sold by usingFIFO methodWeighted Average Method

Name: Mena Company uses a perpetual inventory system. It entered into the fo
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Description: Mena Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. DateActivitiesUnits Acquired at CostUnits Sold at RetailApr. 1Beginning inventory20 units @ $3,000/unit Apr. 6Purchase30 uni

FIFO is the inventory valuation method in which inventories purchased at first will be sold first.…

Answered: Mena Company uses a perpetual inventory…

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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Mena Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
Apr. 1	Beginning inventory	20 units @ $3,000/unit
Apr. 6	Purchase	30 units @ $3,500/unit
Apr. 9	Sales		35 units @ $12,000/unit
Apr. 17	Purchase	5 units @ $4,500/unit
Apr. 25	Purchase	10 units @ $4,580/unit
Apr. 30	Sales		25 units @ $14,000/unit
	Total	65 units	60 units

Required

Calculate Cost of Goods Sold by using

FIFO method
Weighted Average Method

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