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On December 1, Concord Corporation has three DVD players left in stock. All are identical, all are priced to sell at $83. One of the three DVD players left in stock, with serial # 1012, was purchased on June 1 at a cost of $54. Another, with serial #1045, was purchased on November 1 for $46. The last player, serial # 1056, was purchased on November 30 for $41. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Concord Corporation' year-end. Cost of goods sold $

On December 1, Concord Corporation has three DVD players left in stock. All are identical, all are priced to sell at $83. One of the three DVD players left in stock, with serial # 1012, was purchased on June 1 at a cost of $54. Another, with serial #1045, was purchased on November 1 for $46. The last player, serial # 1056, was purchased on November 30 for $41. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Concord Corporation' year-end. Cost of goods sold $

FINANCIAL ACCOUNTING
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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On December 1, Concord Corporation has three DVD players left in stock. All are identical, all are priced to sell at $83. One of the three DVD players left in stock, with serial # 1012, was purchased on June 1 at a cost of $54. Another, with serial #1045, was purchased on November 1 for $46. The last player, serial #1056, was purchased on November 30 for $41. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Concord Corporation' year-end. Cost of goods sold $
Transcribed Image Text:On December 1, Concord Corporation has three DVD players left in stock. All are identical, all are priced to sell at $83. One of the three DVD players left in stock, with serial # 1012, was purchased on June 1 at a cost of $54. Another, with serial #1045, was purchased on November 1 for $46. The last player, serial #1056, was purchased on November 30 for $41. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Concord Corporation' year-end. Cost of goods sold $
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