You Answered Elvira Corporation uses a periodic inventory system. The following transactions affected its merchandise inventory during the month of August year 1: Aug. 1 Aug. 8 Aug. 14 Aug. 18 • Aug. 25 • Aug. 31 Inventory on hand-2,000 units; cost $6.10 each. Purchased 10,000 units for $5.50 each. Sold 8,000 units for $12.00 each. Purchased 6,000 units for $5.00 each. Sold 7,000 units for $11.00 each. Inventory on hand-3,000 units. Required: What is COGS for the month ended August 31st, assuming they use the FIFO inventory method?
You Answered Elvira Corporation uses a periodic inventory system. The following transactions affected its merchandise inventory during the month of August year 1: Aug. 1 Aug. 8 Aug. 14 Aug. 18 • Aug. 25 • Aug. 31 Inventory on hand-2,000 units; cost $6.10 each. Purchased 10,000 units for $5.50 each. Sold 8,000 units for $12.00 each. Purchased 6,000 units for $5.00 each. Sold 7,000 units for $11.00 each. Inventory on hand-3,000 units. Required: What is COGS for the month ended August 31st, assuming they use the FIFO inventory method?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Elvira Corporation uses a periodic inventory_system. The following transactions
affected its merchandise inventory during the month of August year 1:
• Aug. 1
Aug. 8
Aug. 14
Aug. 18
Aug. 25
Aug. 31
Inventory on hand-2,000 units; cost $6.10 each.
Purchased 10,000 units for $5.50 each.
Sold 8,000 units for $12.00 each.
Purchased 6,000 units for $5.00 each.
Sold 7,000 units for $11.00 each.
Inventory on hand-3,000 units.
Required: What is COGS for the month ended August 31st, assuming they use the
FIFO inventory method?
15,000 (with margin: 0)
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