purchased 19 Sobs construction company nad a beginning inventory of 15,000 during the year. Sales for the year totalled 25,000 units at $8 per unit. Based on the information below calculate cost of goods sold and ending inventory dollar values based on FIFO. Available Units Unit Price for Sale Ending Inventory Beginning Inventory - October Beginning Inventory - November Beginning Inventory - December 4,000 $3.00 5,000 $3.10 6,000 $3.20 Purchases - April 5,000 $2.80 Purchases - June 14,000 $3.00 Totals 34,000 Sales Ending Inventory 25,000 9,000 $ Calculate Cost of Goods Sold and Ending inventory dollar values A. Cost of Goods Sold
purchased 19 Sobs construction company nad a beginning inventory of 15,000 during the year. Sales for the year totalled 25,000 units at $8 per unit. Based on the information below calculate cost of goods sold and ending inventory dollar values based on FIFO. Available Units Unit Price for Sale Ending Inventory Beginning Inventory - October Beginning Inventory - November Beginning Inventory - December 4,000 $3.00 5,000 $3.10 6,000 $3.20 Purchases - April 5,000 $2.80 Purchases - June 14,000 $3.00 Totals 34,000 Sales Ending Inventory 25,000 9,000 $ Calculate Cost of Goods Sold and Ending inventory dollar values A. Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bobs construction company had a beginning inventory of 15,000 units and purchased 19,000 units
during the year. Sales for the year totalled 25,000 units at $8 per unit. Based on the information below
calculate cost of goods sold and ending inventory dollar values based on FIFO.
Available
Units
Unit Price
for Sale
Ending Inventory
Beginning Inventory - October
Beginning Inventory - November
Beginning Inventory - December
Purchases - April
Purchases - June
4,000
$3.00
5,000
$3.10
6,000
$3.20
5,000
$2.80
14,000
$3.00
Totals
34,000
$
Sales
25,000
$
Ending Inventory
9,000
$
Calculate Cost of Goods Sold and Ending inventory dollar values
A. Cost of Goods Sold
B. Ending Inventory Dollar Value
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