Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $25 Ending inventory 220 380 400 1,000 30 33 Cost of goods sold $ Total Cost $5,500 11,400 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 13,200 $30,100
Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $25 Ending inventory 220 380 400 1,000 30 33 Cost of goods sold $ Total Cost $5,500 11,400 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 13,200 $30,100
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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![Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available.
April 1 inventory
April 15 purchase
April 23 purchase
Ending inventory
Units
Cost of goods sold
220
380
400
1,000
Unit Cost
$25
$
30
33
Total Cost
$5,500
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
11,400
13,200
$30,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F118dfef9-e85e-427a-989d-a8565f811e71%2Fcd2cbbd1-c97e-421d-ab87-eaf8c96d004b%2Fmmlfud_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available.
April 1 inventory
April 15 purchase
April 23 purchase
Ending inventory
Units
Cost of goods sold
220
380
400
1,000
Unit Cost
$25
$
30
33
Total Cost
$5,500
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
11,400
13,200
$30,100
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