Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method. Apr.1 Beginning Inventory 60 units @ $22 = $1,320 Apr. 12 Purchase 1 30 units @ $23 = $690 Apr. 18 Sale 1 15 units Apr. 20 Purchase 2 15 units @ $25 = $375 Apr. 29 Sale 2 50 units Using the FIFO inventory method, what is the Cost of Goods Sold for Sale 1? Show your calculations Blank 1. Fill in the blank, read surrounding text. Cost of Goods Sold for Sale 1 Blank 2. Fill in the blank, read surrounding text.

Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method....

Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method.

Apr.1	Beginning Inventory	60 units @ $22 = $1,320
Apr. 12	Purchase 1	30 units @ $23 = $690
Apr. 18	Sale 1	15 units
Apr. 20	Purchase 2	15 units @ $25 = $375
Apr. 29	Sale 2	50 units

Using the FIFO inventory method, what is the Cost of Goods Sold for Sale 1?

Show your calculations	Blank 1. Fill in the blank, read surrounding text.
Cost of Goods Sold for Sale 1	Blank 2. Fill in the blank, read surrounding text.

Jun 09, 2022

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Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method....

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