Question

Days Inn uses a perpetual inventory system. On November 1, the company had 80 units in...

Days Inn uses a perpetual inventory system. On November 1, the company had 80 units in opening inventory costing $10 each. The following buying and selling activity occurred for the month of November:
November 4: Purchased 120 units costing $11 each
November 9: Sold 135 units
November 16: Purchased 130 units costing $14 each
November 27: Sold 100 units
The selling price per unit is $15. Round all answers to 2 decimal places.
REQUIRED:
Complete the worksheet using the FIFO inventory costing method.


Use the FIFO inventory worksheet that you completed for Days Inn in the previous question to determine the following:
November Sales
November Cost of Goods Sold
November Gross Profit

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