Question 5Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:Date Explanation Units Unit Cost Total Cost Balance in UnitsAug. 2 Purchases247$16,796247$681023 Purchases49.776488(311)943(335)10 Sales15 Purchases25 SalesCost of goods sold s$Ending Inventory s117LINK TO TEXT110,331▼(a)Calculate the cost of goods sold and ending inventory using the FIFO cost method.7354241,3671,032

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Description: Question 5Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:Date Explanation Units Unit Cost Total Cost Balance in UnitsAug. 2 Purchases247$16,796247$681023 Purchases49.

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Question 5 Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 247 $68 $16,796 247 3 Purchases 488 102 49,776 735 10 Sales 424 1,367 1,032 15 Purchases 25 Sales (311) 943 (335) LINK TO TEXT 117 110,331 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold Ending inventory

Question 5 Ayayai Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 247 $68 $16,796 247 3 Purchases 488 102 49,776 735 10 Sales 424 1,367 1,032 15 Purchases 25 Sales (311) 943 (335) LINK TO TEXT 117 110,331 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold Ending inventory

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...

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