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95) A company's inventory records indicate the following data for the month of April: Date April 1 April 7 April 11 Activities Beginning inventory Purchase April 29 Sale April 16 Purchase April 22 Sale Purchase A) $40,720. B) $31,600. C) $62,800. D) $53,680. E) $35,922. Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23, 200 500 units @ $44 = $22,000 480 units @ $50 = $24,000 Units Sold at Retail 1,000 units @ $110 400 units @ $110 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what is the value of cost of goods sold?

95) A company's inventory records indicate the following data for the month of April: Date April 1 April 7 April 11 Activities Beginning inventory Purchase April 29 Sale April 16 Purchase April 22 Sale Purchase A) $40,720. B) $31,600. C) $62,800. D) $53,680. E) $35,922. Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23, 200 500 units @ $44 = $22,000 480 units @ $50 = $24,000 Units Sold at Retail 1,000 units @ $110 400 units @ $110 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what is the value of cost of goods sold?

Intermediate Accounting: Reporting And Analysis
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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95) A company's inventory records indicate the following data for the month of April: Date April 1 Beginning inventory Purchase April 7 April 11 April 16 April 22 April 29 Activities Sale Purchase Sale Purchase A) $40,720. B) $31,600. C) $62,800. D) $53,680. E) $35,922. Units Acquired at Cost 700 units @ $36 = $25, 200 580 units @ $40 = $23, 200 500 units @ $44 = $22,000 480 units @ $50 = $24,000 Units Sold at Retail 1,000 units @ $110 400 units @ $110 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what is the value of cost of goods sold?
Transcribed Image Text:95) A company's inventory records indicate the following data for the month of April: Date April 1 Beginning inventory Purchase April 7 April 11 April 16 April 22 April 29 Activities Sale Purchase Sale Purchase A) $40,720. B) $31,600. C) $62,800. D) $53,680. E) $35,922. Units Acquired at Cost 700 units @ $36 = $25, 200 580 units @ $40 = $23, 200 500 units @ $44 = $22,000 480 units @ $50 = $24,000 Units Sold at Retail 1,000 units @ $110 400 units @ $110 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what is the value of cost of goods sold?
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