Pharoah Company uses the perpetual inventory system and had the following purchases and sales during March 3/1 3/3 3/4 3/10 Beginning inventory Purchase Sales Purchase 3/16 3/19 3/25 Sales Sales Purchase Cost of goods sold Ending inventory $ $ Units Unit Cost $30 $40 122 82 222 Purchases 62 $45 FIFO $50 Units 92 102 142 Sales Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory Selling Price/Unit $60 LIFO $70 $70
Pharoah Company uses the perpetual inventory system and had the following purchases and sales during March 3/1 3/3 3/4 3/10 Beginning inventory Purchase Sales Purchase 3/16 3/19 3/25 Sales Sales Purchase Cost of goods sold Ending inventory $ $ Units Unit Cost $30 $40 122 82 222 Purchases 62 $45 FIFO $50 Units 92 102 142 Sales Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory Selling Price/Unit $60 LIFO $70 $70
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pharoah Company uses the perpetual inventory system and had the following purchases and sales during March.
3/1
3/3
3/4
3/10
3/16
3/19
3/25
Beginning inventory
Purchase
Sales
Purchase
Sales
Purchase
Sales
Cost of goods sold
Ending Inventory
$
$
eTextbook and Media
Units
122
82
222
Purchases
62
Unit Cost
$30
$40
FIFO
$45
$50
Units
92
102
142
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO
Sales
Selling Price/Unit
$60
LIFO
$70
$70
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