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Calculate the furn cost of goods sold under periodic fifo

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Question - The Furn Store sells home furnishings, including bean bag chairs. Furn currently uses the periodic FIFO method of inventory costing, but is considering implementing a perpetual system. It will cost a good deal of money to start and maintain, so Furn would like to see the difference, if any, between the two and is using its bean bag chair inventory to do so. Each bean bag chair sells for $40. Here is the first quarter information for bean bag chairs:

Date

Number of Items

Cost per Item

Jan 1

16

$21

Jan 17

Purchased 5

$22

Jan 24

Sold 7

Feb 10

Purchased 8

$23

Feb 19

Sold 15

Mar 1

Purchased 11

$24

Mar 20

Sold 16

Required -

a. Calculate the Furn's cost of goods sold under periodic FIFO and Furn's ending inventory under periodic FIFO?

b. Calculate the Furn's cost of goods sold under perpetual FIFO and Fur's ending inventory under perpetual FIFO?

Reference no: EM133109286

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