Determine the ending inventory and cost of goods sold, Accounting Basics

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Determine the ending inventory and cost of goods sold

Shin Company sells one product. Presented below is information for January for Shin Company.

Jan. 1 ?Inventory 300 units at $10 each
4 ?Sale 240 units at $16 each
11 ?Purchase 450 units at $12 each
13 ?Sale 360 units at $17.50 each
20 ?Purchase 480 units at $14 each
27 ?Sale 300 units at $18 each

1. Assume Shin uses a periodic system and FIFO. Use the information above to determine the ending inventory and cost of goods sold as of January 31st.

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Accounting Basics: Determine the ending inventory and cost of goods sold

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Accounting Basics: Determine the ending inventory and cost of goods sold

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Accounting Basics: Determine the ending inventory and cost of goods sold

Reference No:- TGS068129

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