Given the Following Information, Determine the Cost of Goods Sold

question 104

Essay

Given the following information, determine the cost of goods sold for November 30 using the FIFO perpetual inventory method.
November 3: 15 units were purchased at $8 per unit.
November 11: 18 units were purchased at $9.50 per unit.
November 15: 15 units were sold at $45 per unit.
November 18: 30 units were purchased at $10.75 per unit.
November 30: 20 units were sold at $55 per unit.

Differentiate between various types of endorsements and their implications for check negotiation.

Understand the roles of drawer, drawee, and payee in the context of checks.

Know the internal control procedures and policies for safeguarding a company's assets.

Analyze and understand bank reconciliation processes and adjustments.