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On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..

On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..
Transcribed Image Text:On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..
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