Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.
Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Use the following purchase and sales log to answer the questions tha tfollow.
Units Returned
Discount
Freight per unit
Price per unit
Beg. Inv.
Transaction
20 units @ $5
$5
per unit
1/5
Purchase 70
5
2%
$0.05
$6.91
units @ $7 per
unit
1/10
Purchase 100
7
3%
$0.05
$7.81
units @ $8 per
unit
1/12
Sold 150 units
for $18 per unit
1/19
$0.05
$9.05
Purchase 50
3
units @ $9 per
unit
1/25
Sold 50 units @
$19 per unit
Assume the company counted 22 units in its inventory at the end of the month.
Calcualte LIFO COGS at 1/12.
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