Problem 11-13 (IAA) Rocky Company provided the following inventory data for January: Units Unit cost January 1 9. Balance Purchase Purchase 500 1,500 500 500 540 600 29 The entity used the periodic system and determined the inventory on January 31 at 750 units. Required: Compute the cost of ending inventory under FIFO and determine the cost of goods solds under average method.
Problem 11-13 (IAA) Rocky Company provided the following inventory data for January: Units Unit cost January 1 9. Balance Purchase Purchase 500 1,500 500 500 540 600 29 The entity used the periodic system and determined the inventory on January 31 at 750 units. Required: Compute the cost of ending inventory under FIFO and determine the cost of goods solds under average method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 11-13 (IAA)
Rocky Company provided the following inventory data for
January:
Units
Unit cost
January 1
Balance
Purchase
Purchase
500
500
6.
1,500
500
540
600
29
The entity used the periodic system and determined the
inventory on January 31 at 750 units.
Required:
Compute the cost of ending inventory under FIFO and
determine the cost of goods solds under average method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe12a0034-7d62-4f0b-87ac-5a3ec2cf7d51%2F2d5d9ba1-98e8-43c5-8878-f94c722588b2%2F6q4a078_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 11-13 (IAA)
Rocky Company provided the following inventory data for
January:
Units
Unit cost
January 1
Balance
Purchase
Purchase
500
500
6.
1,500
500
540
600
29
The entity used the periodic system and determined the
inventory on January 31 at 750 units.
Required:
Compute the cost of ending inventory under FIFO and
determine the cost of goods solds under average method.
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