Sold Purchased 300 units at $ 32 each. Sold 300 units at $ 50 each. owing questions assuming that the company uses the First IN First the final amount - Do not show your calculation f goods sold on April 4? entory balance on April 4? al cost of merchandise purchased on April 14? entory balance on April 14? st of goods sold on April 28? balance on April 28?
Sold Purchased 300 units at $ 32 each. Sold 300 units at $ 50 each. owing questions assuming that the company uses the First IN First the final amount - Do not show your calculation f goods sold on April 4? entory balance on April 4? al cost of merchandise purchased on April 14? entory balance on April 14? st of goods sold on April 28? balance on April 28?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 7
Bahrain Company made the following merchandise purchases and sales during the April, 2021:
April 1
The beginning inventory balance 400 units at $30 each.
Sold 250 units at $40 each.
April 4
April 14
Purchased 300 units at $ 32 each.
Sold 300 units at $ 50 each.
April 28
Answer the following questions assuming that the company uses the First IN First Out (FIFO) method.
Note: Write only the final amount - Do not show your calculation
1) What is Cost of goods sold on April 4?
2) What is the inventory balance on April 4?
3) What is the total cost of merchandise purchased on April 14?
4) What is the inventory balance on April 14?
5) What is the Cost of goods sold on April 28?
6) What is the inventory balance on April 28?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbba41430-1e42-4833-b005-f03ffa8c6a82%2F951b0c80-82e7-4512-825d-73c69a09aeb7%2F7lf643d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ΒΔ Moving to
Question 7
Bahrain Company made the following merchandise purchases and sales during the April, 2021:
April 1
The beginning inventory balance 400 units at $30 each.
Sold 250 units at $40 each.
April 4
April 14
Purchased 300 units at $ 32 each.
Sold 300 units at $ 50 each.
April 28
Answer the following questions assuming that the company uses the First IN First Out (FIFO) method.
Note: Write only the final amount - Do not show your calculation
1) What is Cost of goods sold on April 4?
2) What is the inventory balance on April 4?
3) What is the total cost of merchandise purchased on April 14?
4) What is the inventory balance on April 14?
5) What is the Cost of goods sold on April 28?
6) What is the inventory balance on April 28?
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