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The periodic inventory records of Flexon Prosthetics indicate the following for the month of July: (Click the icon to view the inventory records.) At July 31, Flexon counts four units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Flexon using the FIFO inventory costing method. Ending Merchandise Inventory Cost of Goods Sold FIFO Cost Data table Jul. 1 Jul. 8 Jul. 15 Purchase Beginning merchandise inventory Purchase 6 units @ $60 each 5 units @ $67 each Jul. 26 Purchase 10 units @$70 each 5 units @ $85 each Print Done

The periodic inventory records of Flexon Prosthetics indicate the following for the month of July: (Click the icon to view the inventory records.) At July 31, Flexon counts four units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Flexon using the FIFO inventory costing method. Ending Merchandise Inventory Cost of Goods Sold FIFO Cost Data table Jul. 1 Jul. 8 Jul. 15 Purchase Beginning merchandise inventory Purchase 6 units @ $60 each 5 units @ $67 each Jul. 26 Purchase 10 units @$70 each 5 units @ $85 each Print Done

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The periodic inventory records of Flexon Prosthetics indicate the following for the month of July: (Click the icon to view the inventory records.) At July 31, Flexon counts four units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Flexon using the FIFO inventory costing method. Ending Merchandise Inventory Cost of Goods Sold FIFO Cost Data table Jul. 1 Jul. 8 Jul. 15 Purchase Beginning merchandise inventory Purchase 6 units @ $60 each 5 units @ $67 each Jul. 26 Purchase 10 units @$70 each 5 units @ $85 each Print Done
Transcribed Image Text:The periodic inventory records of Flexon Prosthetics indicate the following for the month of July: (Click the icon to view the inventory records.) At July 31, Flexon counts four units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Flexon using the FIFO inventory costing method. Ending Merchandise Inventory Cost of Goods Sold FIFO Cost Data table Jul. 1 Jul. 8 Jul. 15 Purchase Beginning merchandise inventory Purchase 6 units @ $60 each 5 units @ $67 each Jul. 26 Purchase 10 units @$70 each 5 units @ $85 each Print Done
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