Perpetual System—Calculating Ending Inventory and Cost of Sales using FIFOUpland Co.'s inventory records showed the following data accounted for in a perpetual inventory system.| Date | Units | Unit Cost ||---------|-------|-----------|| June 1 | Inventory 1,600 | $8.00 || June 3 | Purchases 3,200 | $8.40 || June 7 | **Sales (at $16 per unit)** 2,240 | || June 20 | Purchases 2,176 | $9.00 || June 22 | **Sales (at $16 per unit)** 3,520 | |**What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method?****Note:** Round your final answers below to the nearest whole dollar.- a. Ending inventory on June 30 $ [ ]- b. Cost of goods sold for June $ [ ]

Name: Perpetual System—Calculating Ending Inventory and Cost of Sales using
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Description: Perpetual System—Calculating Ending Inventory and Cost of Sales using FIFOUpland Co.'s inventory records showed the following data accounted for in a perpetual inventory system.| Date | Units | Unit Cost ||---------|-------|-----------|| June 1

FIFO stands for First in First Out, which is a method of inventory and under this method the oldest…

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Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,600 $8.00 June 3 Purchases 3,200 8.40 Sales (at $16 per June 7 unit) 2,240 June 20 Purchases 2,176 9.00 Sales (at $16 per June 22 unit) 3.520 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. a. Ending inventory on June 30 s b. Cost of goods sold for June s

Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,600 $8.00 June 3 Purchases 3,200 8.40 Sales (at $16 per June 7 unit) 2,240 June 20 Purchases 2,176 9.00 Sales (at $16 per June 22 unit) 3.520 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. a. Ending inventory on June 30 s b. Cost of goods sold for June s

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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