The following data is available for one of the products sold by Chan Company for the month of April: April 1 On hand, 10 units at $8 each Purchased 30 units at $7.80 each 18 Purchased 40 units at $8.25 each 20 Sold 75 units for $13 each 24 Purchased 20 units for $8.25 each $ 80 234 330 165 Chan Conpany's ending inventory for April was 25 units. Required: Complete the following table by determining the amounts of the April 30 inventory and cost of goods sold for April, under each of the inventory costing methods listed below. ´Assume that Chan Company uses a perpetual inventory system." FIFO Weirhted Average Cost of Good: Sold (COGS) Ending Inventory

The following data is available for one of the products sold by Chan Company for the month of April: April 1 On hand, 10 units at $8 each Purchased 30 units at $7.80 each 18 Purchased 40 units at $8.25 each 20 Sold 75 units for $13 each 24 Purchased 20 units for $8.25 each $ 80 234 330 165 Chan Conpany's ending inventory for April was 25 units. Required: Complete the following table by determining the amounts of the April 30 inventory and cost of goods sold for April, under each of the inventory costing methods listed below. ´Assume that Chan Company uses a perpetual inventory system." FIFO Weirhted Average Cost of Good: Sold (COGS) Ending Inventory

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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