Shown below is the activity for one of the products of Random Creations: January 1 balance, 85 units @ $54 $4,590 Purchases: January 18: 45 units @ $56 January 28: 45 units @ $57 Sales: January 12: 35 units January 22: 35 units January 31: 50 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses FIFO.

Shown below is the activity for one of the products of Random Creations: January 1 balance, 85 units @ $54 $4,590 Purchases: January 18: 45 units @ $56 January 28: 45 units @ $57 Sales: January 12: 35 units January 22: 35 units January 31: 50 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses FIFO.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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