Harris Company had the following balances and transactions during 2016:
$$\begin{array} { | l | l | }
\hline \text { Beginning inventory } & 175 \text { units at } \$ 82 \
\hline 10 \text { March } & \text { Sold } 50 \text { units } \
\hline 10 \text { June } & \text { Purchased 225 units at } \$ 86 \
\hline 30 \text { October } & \text { Sold 225 units } \
\hline
\end{array}$$
What would the cost of sales be as reported on the income statement for the year ending 31 December 2016 if the perpetual first-in,first-out costing method is used?

Question

Harris Company had the following balances and transactions during 2016:
$$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 175 \text { units at } \$ 82 \
\hline 10 \text { March } & \text { Sold } 50 \text { units } \
\hline 10 \text { June } & \text { Purchased 225 units at } \$ 86 \
\hline 30 \text { October } & \text { Sold 225 units } \
\hline
\end{array}$$
What would the cost of sales be as reported on the income statement for the year ending 31 December 2016 if the perpetual first-in,first-out costing method is used?

Quizplus · Accepted Answer

The Answer of Harris Company had the following balances and transactions during 2016:
$$\begin{array} { | l | l | } 
\hline \text { Beginning inventory } & 175 \text { units at } \$ 82 \
\hline 10 \text { March } & \text { Sold } 50 \text { units } \
\hline 10 \text { June } & \text { Purchased 225 units at } \$ 86 \
\hline 30 \text { October } & \text { Sold 225 units } \
\hline
\end{array}$$
What would the cost of sales be as reported on the income statement for the year ending 31 December 2016 if the perpetual first-in,first-out costing method is used?

Harris Company Had the Following Balances and Transactions During 2016