Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. For the answer which is $1,710 in which they did (5*150)+(6*160), please explain and where did the 6 from?

Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. For the answer which is $1,710 in which they did (5150)+(6160), please explain and where did the 6 from?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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