Martinez Company had the following information for the year ending December 31:
Additional Resources
Units | Unit Cost | ||
Beginning inventory |
290 |
$45 |
|
Purchase: | April 6 |
340 |
43 |
Sale: | May 4 |
240 |
|
Purchase: | July 19 |
590 |
40 |
Sale: | September 9 |
450 |
|
Purchase: | October 10 |
100 |
35 |
Martinez uses the perpetual inventory system and the FIFO method.
Required:
Using FIFO
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
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