Maine Corporation sells item A as part of its product line, using the periodic system....
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Accounting
Maine Corporation sells item A as part of its product line, using the periodic system. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020:
Quantities
Unit Price
Date Purchased Sold Balance of Purchase
January 11 300 $5.00
January 24 1,300 1,600 5.20
February 8 300 1,300
March 16 560 740
June 11 600 1,340 5.60
| Part a) Calculate the cost of goods sold for the first six months of 2020, and the | Part b) Calculate the cost of goods sold for the first six months of 2020, and the | |||||||||
| ending inventory value, using the FIFO cost formula. (5 marks) | ||||||||||
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