MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers:(Click the icon to view the data.)Read the requirements.CoRequirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventorysystem.)Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO.FIFO method cost of goods sold =FIFO method ending inventory =Data tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSalePrintQuantity14576Unit Cost$Done4148Sale Price$109102X

Inventory includes all the items, merchandise, and raw materials that are used by the business…

MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventor system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost Sale Price $ 41 48 Done $ 109 102 - X

MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventor system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost Sale Price $ 41 48 Done $ 109 102 - X

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...

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