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Raptor Candles has the following inventory schedule for its luxury line of candles. Quantity Unit Cost Sales Price (per unit) Date Purchase 3/1 500 $15.00 Purchase 3/6 750 $17.50 Sale 3/10 800 Purchase 3/19 1400 $21.50 Sale 3/24 1500 $50 $50 Assuming the company uses First-in, First-out, what is Raptor Drinks' cost of goods sold and ending inventory in dollar amounts for the month? Use the following numeric format: 12345 (no commas, no dollar signs). Round to the nearest dollar Cost of Goods Sold: $ Ending Inventory: $

Raptor Candles has the following inventory schedule for its luxury line of candles. Quantity Unit Cost Sales Price (per unit) Date Purchase 3/1 500 $15.00 Purchase 3/6 750 $17.50 Sale 3/10 800 Purchase 3/19 1400 $21.50 Sale 3/24 1500 $50 $50 Assuming the company uses First-in, First-out, what is Raptor Drinks' cost of goods sold and ending inventory in dollar amounts for the month? Use the following numeric format: 12345 (no commas, no dollar signs). Round to the nearest dollar Cost of Goods Sold: $ Ending Inventory: $

FINANCIAL ACCOUNTING
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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Raptor Candles has the following inventory schedule for its luxury line of candles. Quantity Unit Cost Sales Price (per unit) Date Purchase 3/1 500 $15.00 Purchase 3/6 750 $17.50 Sale 3/10 800 Purchase 3/19 1400 $21.50 Sale 3/24 1500 $50 $50 Assuming the company uses First-in, First-out, what is Raptor Drinks' cost of goods sold and ending inventory in dollar amounts for the month? Use the following numeric format: 12345 (no commas, no dollar signs). Round to the nearest dollar Cost of Goods Sold: $ Ending Inventory: $
Transcribed Image Text:Raptor Candles has the following inventory schedule for its luxury line of candles. Quantity Unit Cost Sales Price (per unit) Date Purchase 3/1 500 $15.00 Purchase 3/6 750 $17.50 Sale 3/10 800 Purchase 3/19 1400 $21.50 Sale 3/24 1500 $50 $50 Assuming the company uses First-in, First-out, what is Raptor Drinks' cost of goods sold and ending inventory in dollar amounts for the month? Use the following numeric format: 12345 (no commas, no dollar signs). Round to the nearest dollar Cost of Goods Sold: $ Ending Inventory: $
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