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
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
Chapter1: Financial Statements And Business Decisions
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Under the weighted-average method, the ending inventory is:
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