Math Problem Statement
On May 1, Pharoah Company had 430 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows:
★
Purchases
Sales
May 4
1,500
@
$4.20
May 3
260
@
$7.00
14
780
$4.30
16
1,100
@
$7.00
29
400
@ $4.75
18
570
@
$7.50
(a)
Calculate the cost of goods sold and ending inventory using FIFO.
Cost of goods sold
Ending inventory.
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Solution
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Math Problem Analysis
Mathematical Concepts
Inventory Costing
FirstIn, FirstOut (FIFO) Method
Formulas

Theorems

Suitable Grade Level
Professional
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