E62 Elmos Music carries a large inventory of guitars and other musical instruments. The store...
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Accounting
E62 Elmos Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,600 each:
| Date | Item | Quantity | Unit Cost |
|---|---|---|---|
| May 1 | Balance | 5 | $900 |
| 6 | Sale | 3 | |
| 8 | Purchase | 10 | 840 |
| 17 | Sale | 4 | |
| 30 | Purchase | 5 | 840 |
Required
Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmos Music should report for ending inventory and cost of goods sold under the FIFO method.
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