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Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 27 30 Units 1,412 800 Purchases 907 513 Cost of Goods Sold Unit Cost Ending Inventory $25 $ 27 $ 35 28 FIFO Units 612 1,200 1,524 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 168948 75 75 Average Cost $ $

Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 27 30 Units 1,412 800 Purchases 907 513 Cost of Goods Sold Unit Cost Ending Inventory $25 $ 27 $ 35 28 FIFO Units 612 1,200 1,524 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 168948 75 75 Average Cost $ $

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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Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 27 30 Units 1,412 800 907 513 Purchases Cost of Goods Sold Unit Cost Ending Inventory $25 FIFO $ $ 27 35 28 Units 612 1,200 1,524 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 168948 75 75 Average Cost $ $
Transcribed Image Text:Pina Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 (a) 7 14 16 17 27 30 Units 1,412 800 907 513 Purchases Cost of Goods Sold Unit Cost Ending Inventory $25 FIFO $ $ 27 35 28 Units 612 1,200 1,524 Sales Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 decimal places, e.g. 5,275.75.) Unit Price $95 168948 75 75 Average Cost $ $
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