Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $39 Apr. 19 Sale 2,500 units June 30 Purchase 4,400 units at $43 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,000 units at $46 The firm maintains a perpetual inventory'system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost cólumn. Schedule of Cost of Goods Sold

Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $39 Apr. 19 Sale 2,500 units June 30 Purchase 4,400 units at $43 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,000 units at $46 The firm maintains a perpetual inventory'system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost cólumn. Schedule of Cost of Goods Sold

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Description: June 30Purchase4,400 units at $43Sept. 2Sale5,200 unitsNov. 15Purchase2,000 units at $46The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in,

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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