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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 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

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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Current Attempt in Progress 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
Transcribed Image Text:Current Attempt in Progress 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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