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cost of sales is 2240 for transaction jun 4 ARC great sports invoice no. 110-3. How did they calculate the cost of goods to equal to 2240
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- Apr 05, 2018 at 5:27am
- how did they get 160
- Apr 05, 2018 at 5:33am
- do you have the complete details of the problem? If the company is using first in first out inventory method, you can check all the previous purchases of the radio chipped or the beginning inventory. Cost of every box is given in a purchase transaction. If based on the flow of the inventory, I think the cost per box is from the beginning inventory.
- Apr 05, 2018 at 5:38am
- Check the inventory cards in the problem. The beginning inventory was given. On May 31 the inventory was 88 units @160 per box = total cost 14,080. When the company sold the radio chipped it is from the May 31 inventory balance.
- Apr 05, 2018 at 5:43am