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Beginning inventory 20 units at 500 each january 5 purchase

Question - A business that uses the perpetual inventory method has the following financial data regarding its merchandise inventory for January:

Beginning inventory 20 units at $5.00 each

January 1: Purchase 50 units at $5.50 each

January 5: Purchase 60 units at $6.00 each

Ending inventory 35 units

All January sales occurred after January 5.

Determine COST OF GOODS SOLD for January under FIFO.

Determine COST OF GOODS SOLD for January under LIFO.

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Accounting Basics: Beginning inventory 20 units at 500 each january 5 purchase

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Accounting Basics: Beginning inventory 20 units at 500 each january 5 purchase

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