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The following transactions occurred for the month of May. Units Cost Total Sales Price 80 10 $800 65 14 $910 85 12 $1,020 120 35 45 75 Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale End of the month totals Cost of Goods Sold $ $ $ Ending Inventory Gross Profit Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. X 15 $525 X $35 $35 $35

The following transactions occurred for the month of May. Units Cost Total Sales Price 80 10 $800 65 14 $910 85 12 $1,020 120 35 45 75 Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale End of the month totals Cost of Goods Sold $ $ $ Ending Inventory Gross Profit Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. X 15 $525 X $35 $35 $35

FINANCIAL ACCOUNTING
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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The following transactions occurred for the month of May. Units Cost Total Sales Price 80 10 $800 65 14 $910 85 12 $1,020 120 35 45 75 Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale End of the month totals Cost of Goods Sold $ Ending Inventory Gross Profit $ Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. X 15 $525 X $35 $35 $35
Transcribed Image Text:The following transactions occurred for the month of May. Units Cost Total Sales Price 80 10 $800 65 14 $910 85 12 $1,020 120 35 45 75 Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale End of the month totals Cost of Goods Sold $ Ending Inventory Gross Profit $ Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. X 15 $525 X $35 $35 $35
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