During July, the following purchases and sales were made by Martine Company. There was no beginning inventory. Martine Company uses a perpetual inventory system. Date July 3 11 20 Accounting Transactions Date Purchases 50 units @ $10 50 units @ $11 21 units @ $13 July 13 22 Under the FIFO method, the cost of goods sold for the sale is: (Hint: Make sure to list all transactions in chronological order.) Sales 78 units 21 units

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During July, the following purchases and sales were made by Martine Company.
There was no beginning inventory. Martine Company uses a perpetual inventory
system.
%
Date
July 3
11
O $860
O $1,039
Under the FIFO method, the cost of goods sold for the sale is:
(Hint: Make sure to list all transactions in chronological order.)
5
20
O $1,103
O $1,089
Y
O $1,287
4-
A
▬
Purchases
50 units @ $10
50 units @ $11
21 units @ $13
Accounting Transactions
Date
July 13
22
Search the web
A+
&
7
fa
IAA
*
fg
0
DII
(hp
DDI
Sales
78 units
21 units
prt sc
Transcribed Image Text:During July, the following purchases and sales were made by Martine Company. There was no beginning inventory. Martine Company uses a perpetual inventory system. % Date July 3 11 O $860 O $1,039 Under the FIFO method, the cost of goods sold for the sale is: (Hint: Make sure to list all transactions in chronological order.) 5 20 O $1,103 O $1,089 Y O $1,287 4- A ▬ Purchases 50 units @ $10 50 units @ $11 21 units @ $13 Accounting Transactions Date July 13 22 Search the web A+ & 7 fa IAA * fg 0 DII (hp DDI Sales 78 units 21 units prt sc
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Under the weighted-average method, the ending inventory is:

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