Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at...

Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 152 tents. This consists of 50 tents purchased in February at a cost of $212 each and 102 tents purchased in March at a cost of $226 each. During April, the company had the following purchases and sales of tents:

		Purchases		Sales
Date		Units	Unit Cost		Units	Unit Price
Apr.	3				75	$409
	10	194	$273
	17				238	409
	24	295	292
	30				205	409

(a)

Determine the cost of goods sold and the cost of the ending inventory using FIFO.

Cost of goods sold		$
Cost of the ending inventory		$

Expert Solution

Answer:

Cost of goods sold = $ 136,838

Cost of the ending inventory = $ 35,916

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ekkarill92 answered 1 year ago

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