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H3Ko H3Ko
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7 years ago
Modern Décor Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.  During the month, Modern Décor purchased and sold merchandise on account as follows:

June 7   Purchase   25 sofas @ $750 each
       14   Sale   30 sofas @ 1,150 each
       18   Purchase   50 sofas @ $775 each
       27   Sale   35 sofas @ $1,200 each

Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
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Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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7 years ago Edited: 5 years ago, bio_man
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