Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases:   1st purchase:   500 units at $3 each 2nd purchase:  400 units at $4 each   Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  • Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases:

 

1st purchase:   500 units at $3 each

2nd purchase:  400 units at $4 each

 

Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory

Cost of Goods Sold:
Description
Ending Inventory:
Description
Calculation
Calculation
Amount
Amount
Transcribed Image Text:Cost of Goods Sold: Description Ending Inventory: Description Calculation Calculation Amount Amount
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