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:
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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Question
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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