Assume that we use a perpetual inventory system and

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3. Assume that we use a perpetual inventory system and that five identical units are purchased separately at the following four dates and costs: April 5 at $10, April 10 at $12, April 15 at $14, and April 20 at $16 and at $17. One unit is then sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify whether each of the items purchased will be sent to cost of goods sold on the income statement or reported in inventory on the balance sheet by dragging the item into the appropriate category.
4. Using FIFO, the cost of goods sold for the sale of 23 units on July 31 and the inventory balance at July 31 is _____.
Using LIFO, the cost of goods sold for the sale of 23 units on July 31 and the inventory balance at July 31 are _____.

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