Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year.
Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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![Torres Company had the following information for the year ending December 31:
Units
Unit Cost
Beginning inventory
350
$45
Purchase:
April 6
260
44
Sale:
May 4
450
Purchase:
July 19
590
43
Sale:
September 9
370
Purchase:
October 10
100
31
Torres uses the perpetual inventory system and the FIFO method.
Required:
Using FIFO
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
Cost of ending inventory
Cost of goods sold
$0
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1bf448db-f961-4a11-a3e2-79f748247bbd%2F63efe7bf-487b-4828-a3c5-da46a9c81e93%2F8vreqtq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Torres Company had the following information for the year ending December 31:
Units
Unit Cost
Beginning inventory
350
$45
Purchase:
April 6
260
44
Sale:
May 4
450
Purchase:
July 19
590
43
Sale:
September 9
370
Purchase:
October 10
100
31
Torres uses the perpetual inventory system and the FIFO method.
Required:
Using FIFO
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
Cost of ending inventory
Cost of goods sold
$0
?
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