Huron Company Had the Following Activity for the Month of October

question 66

Essay

Huron Company had the following activity for the month of October: $\begin{array}{llll}&\text { Units }\\&\text { Purchased }&\text {Unit Cost }&\text {Total Costs }&\text {Units Sold }\\\hline\text { Opening Inventory: } & 8,000 & \$ 60.00 & \$ 480,000 \\\text { October 3 } & 7,000 & \$ 62.00 & \$ 434,000 \\\text { October 10 } & & &&12,000\\\text { October } 15 & 10,000 & \$ 60.00 & \$ 600,000 \\\text { October } 22 & & & &7,000\\\text { October } 28 & 5,000 & \$ 62.50 & \$ 312,500\\\text { October } 31 & & & &7,000\\\end{array}$ If Huron Company uses a perpetual inventory system, calculate the ending inventory and cost of goods sold using FIFO costing.

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Definitions:

Disadvantages

The negative or less favorable aspects of a situation, decision, or item.

Treasury Stock

Shares bought back by the issuing company, reducing the amount of outstanding stock on the open market.

Common Stock

A type of equity security that represents ownership in a corporation, with holders typically having voting rights and receiving dividend payments.

Repurchase

The action of buying back previously sold shares or goods, often by the company that issued or sold them initially.