(SHOW YOUR WORK) Month of November of Inventory Purchases an…
(SHOW YOUR WORK) Month of November of Inventory Purchases and Sales information for Beamer Company:. Units $ Value Per Nov. 1 Purchased 320 $ 40 11 Purchased 200 45 12 Sold 250 22 Purchased 220 47 23 Sold 170 The unit sales price to Beamer’s customers is $100. 1a. Using a FIFO perpetual cost flow, calculate the November ending inventory balance (5 points), cost of goods sold (5 points), and gross profit (2.5 points). 1b. Using a LIFO perpetual cost flow, calculate the November ending inventory balance (5 points), cost of goods sold (5 points), and gross profit (2.5 points). 1c. Journalize the entry be for Sales on Account and Cost of Goods Sold for the November 23 sale (5 points) (think back to our Chapter 4 entries)?
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