The following is the information for ABC Corporation for the inventory transactions The company sold 70 units on Jan 31 at $30/unit Unit Cost $10 $11 $12 $13 Date 1-Jan Units 20 25-Jan 40 40 26-Jan 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase

The following is the information for ABC Corporation for the inventory transactions The company sold 70 units on Jan 31 at $30/unit Unit Cost $10 $11 $12 $13 Date 1-Jan Units 20 25-Jan 40 40 26-Jan 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase

Name: The following is the information for ABC Corporation for the inventor
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Description: The following is the information for ABC Corporation for the inventory transactions.The company sold 70 units on Jan 31 at $30/unitDateUnitsUnit Cost$10$11$12$131-Jan2025-Jan4026-Jan4028-Jan50a. Calculate the cost of goods sold on January 31, 2020,

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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