The periodic inventory records of Hawk Dental Supply indicate the following for the month of April:
$$\begin{array} { | r | l | r | }
\hline \text { Apr. 1 } & \text { Beginning merchandise inventory } & 15 \text { units @ \$32 each } \
\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \
\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \
\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \
\hline
\end{array}$$ As of April 30, Hawk counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Hawk using the FIFO inventory method.

Question

The periodic inventory records of Hawk Dental Supply indicate the following for the month of April:
 $$\begin{array} { | r | l | r | } 
\hline \text { Apr. 1 } & \text { Beginning merchandise inventory } & 15 \text { units @ \$32 each } \
\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \
\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \
\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \
\hline
\end{array}$$ As of April 30, Hawk counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Hawk using the FIFO inventory method.

Quizplus · Accepted Answer

The Answer of The periodic inventory records of Hawk Dental Supply indicate the following for the month of April:
 $$\begin{array} { | r | l | r | } 
\hline \text { Apr. 1 } & \text { Beginning merchandise inventory } & 15 \text { units @ \$32 each } \
\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \
\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \
\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \
\hline
\end{array}$$ As of April 30, Hawk counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Hawk using the FIFO inventory method.

The Periodic Inventory Records of Hawk Dental Supply Indicate the Following