newconnect.meducation.conm 1656375 17358s0 advancedtal id-4207 ahoo Appla Cloud
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newconnect.meducation.conm 1656375 17358s0 advancedtal id-4207 ahoo Appla Cloud Google Cloud Googlexcpedia Facebook Gitation Birg sosUinvestment sit Gideos Company Uses The Alowance Method Of -201 TFA Prinoipies of Accourting!-South 1 Exam Help Save&Exit; Su A company had the following purchases and sales during its first year of operasions 29 Purchases Sales January: 10 units at $120 units Fobruary: 20 units at $125 5 units 15 units at $130 9 units September: 12 units at $135 8 units Novenber: 10 units at $140 13 there were 26 units remaining in ending inventory Using the Perpetual FIFO inventory valuation method, what is On December 31, the value of cost of goods sold? (Assume all sales were made on the last day of the month) Multiple Choice $5130 2 5Explanation / Answer
4 units at 120 = 480
1 unit at 125 = 125
10 units at 125 = 1,250
15 units at 130 = 1,950
2 units at 125 = 250
15 units at 130 = 1,950
12 units at 135 = 1,620
2 units at 125 = 250
11 units at 130 = 1,430
4 units at 130 = 520
12 units at 135 = 1,620
10 units at 140 = 1,400
Cost of goods sold = 720 + 480 + 125 + 1,125 + 1,000 + 250 + 1,430 = 5,130
Month Purchases Sales Ending inventory January 10 units at 120 = 1,200 6 units at 120 = 720 4 units at 120 = 480 February 20 units at 125 = 2,5004 units at 120 = 480
1 unit at 125 = 125
19 units at 125 = 2,375 May 15 units at 130 = 1,950 9 units at 125 = 1,12510 units at 125 = 1,250
15 units at 130 = 1,950
September 12 units at 135 = 1,620 8 units at 125 = 1,0002 units at 125 = 250
15 units at 130 = 1,950
12 units at 135 = 1,620
November 10 units at 140 = 1,4002 units at 125 = 250
11 units at 130 = 1,430
4 units at 130 = 520
12 units at 135 = 1,620
10 units at 140 = 1,400
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