Given the following:January 1 inventoryApril 1June 1November 1Cost of ending inventoryNumberpurchased37574752193Cost perunit$4Cost of goods sold789Total$ 148399a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 58 units376468$ 1,391b. Calculate the cost of goods sold using the FIFO (ending inventory shows 58 units).

Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 37 57 47 52 193 Cost per unit $4 Cost of goods sold 6889 7 Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 58 unit $ 148 399 376 468 $ 1,391 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 58 units).

Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 37 57 47 52 193 Cost per unit $4 Cost of goods sold 6889 7 Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 58 unit $ 148 399 376 468 $ 1,391 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 58 units).

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...

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