TK Suppliers is a wholesale company. They focus primarily on office supplies, furniture and small electronic items. TK Suppliers uses the perpetual inventory system. For one specific inventory item they had the following transactions for the month of April.
There were 210 items at the beginning of the month, with a cost of $50 each.
210
50
Date
Transaction
Quantity
Price
Apr 5
Purchased items
300
$51
Apr 7
Sold items
410
Apr 15
Purchased items
350
$53
Apr 19
Purchased items
440
$49
Apr 27
Sold items
390
Calculate the value of COGS for the month of April and the value of ending inventory at the end of April using the FIFO method.
Answer & Explanation
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