Answered: Oct. 2 Sale 9 Purchase 13 18 22 29 Sale…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions:

2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method.

For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.

Units
Unit Cost
Unit Sale Price
Oct. 2
Sale
19
$38
S67
Purchase
83
40
.........
13
Sale
28
38
67
18
Sale
10
40
68
22
Sale
34
40
68
29
Purchase
24
42
....................

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