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Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning Inventory First Purchase Sales Second Purchase Third Purchase Sales Ⓒa. $860. O b. $920. 300 units @ $2.10 400 units @ $2.40 500 units @ $3.00 300 units @ $2.20 100 units @ $2.30 400 units @ $3.00 Assuming Vulcan uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:

Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning Inventory First Purchase Sales Second Purchase Third Purchase Sales Ⓒa. $860. O b. $920. 300 units @ $2.10 400 units @ $2.40 500 units @ $3.00 300 units @ $2.20 100 units @ $2.30 400 units @ $3.00 Assuming Vulcan uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning Inventory First Purchase Sales Second Purchase Third Purchase Sales a. $860. b. $920. OC. $840. d. $880. 300 units @ $2.10 400 units @ $2.40 500 units @ $3.00 300 units @ $2.20 100 units @ $2.30 400 units @ $3.00 Assuming Vulcan uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:
Transcribed Image Text:Vulcan Co. uses the perpetual inventory method. The inventory records for Vulcan reflected the following: Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning Inventory First Purchase Sales Second Purchase Third Purchase Sales a. $860. b. $920. OC. $840. d. $880. 300 units @ $2.10 400 units @ $2.40 500 units @ $3.00 300 units @ $2.20 100 units @ $2.30 400 units @ $3.00 Assuming Vulcan uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:
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