Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120 units at which had a unit cost of $3. All units during the year were sold at $10 each. The following inventory information was also available for the year ended December 31, 2019: Units Unit Cost 15-JanSales 70 20-JanPurchase 200 $4 20-MaySales 150 25-JulPurchase 100 $5 21-SepSales 150 20-OctPurchase 250 $6
Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120 units at which had a unit cost of $3. All units during the year were sold at $10 each. The following inventory information was also available for the year ended December 31, 2019: Units Unit Cost 15-JanSales 70 20-JanPurchase 200 $4 20-MaySales 150 25-JulPurchase 100 $5 21-SepSales 150 20-OctPurchase 250 $6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the FIFO METHOD, calculate the cost of goods available for sale,ending inventory and cost of goods sold.
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