The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.       Units Unit  Cost   Total  Cost   Units Sold Beginning Inventory 32 $54   $1,728     Sale No. 1           10 Purchase No. 1 28 60   1,680     Sale No. 2           32 Purchase No. 2 20 57   1,140     Totals 80     $4,548   42 Assuming Quebec, Inc. uses the FIFO perpetual inventory procedures, it records sale no. 2 as an entry to Cost of Goods Sold for:

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 7SEA: DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL SPREADSHEET: PERIODIC INVENTORY SYSTEM...
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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.
 
 
 
Units
Unit 
Cost
 
Total 
Cost
 
Units Sold
Beginning Inventory
32
$54
 
$1,728
 
 
Sale No. 1
 
 
 
 
 
10
Purchase No. 1
28
60
 
1,680
 
 
Sale No. 2
 
 
 
 
 
32
Purchase No. 2
20
57
 
1,140
 
 
Totals
80
 
 
$4,548
 
42

Assuming Quebec, Inc. uses the FIFO perpetual inventory procedures, it records sale no. 2 as an entry to Cost of Goods Sold for:
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