Breast Actives Accounting Ohsweken Outdoor Stores Inc. Uses A P Return to Blackh
ID: 2569033 • Letter: B
Question
Breast Actives Accounting Ohsweken Outdoor Stores Inc. Uses A P Return to Blackhoard Wiley PLUS meyFinancial Accounting, Seventh Canadian Edition PRINTER VERSION ·BACK NEXT ASSIGNMENT RE SOURCES Lab & Ch G FA 17 Exercise 6-4 Exerciae 6-5 Problam 6 Problem 6-4A Flounder Skateshop Ltd. reports the follawing Inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Apr 1Beginning inventory30 Units Unit Cost Total Cost $1,350 660 $45 6 Purchases 15 (35) 20 (25) 20 Revicw Score Review Results by Study 9 Sales 14 Purchases 20 Sales 2B Purchases 43 960 37 740 Determine the cost of goods sold and cost of ending inventary using FIFO Cost of Goods Sold s Ending Ivenory S Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWERExplanation / Answer
FIFO Date Particulars Units Cost Amount COGS 1-Apr Beginning inventory 30.00 45.00 1,350.00 6-Apr Purchases 15.00 44.00 660.00 Total 45.00 2,010.00 9-Apr COGS 35.00 1,570.00 30*45+5*44 Total 10.00 440.00 14-Apr Purchases 20.00 43.00 860.00 Total 30.00 1,300.00 20-Apr COGS 25.00 1,085.00 10*44+15*43 Total 5.00 215.00 28-Apr Purchases 20.00 37.00 740.00 Total 25.00 955.00 COGS 2,655.00 Ending Inventory 955.00
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