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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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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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