On May 1, Black Bear Company had 400 units of inventor
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On May 1, Black Bear Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual
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On May 1, Black Bear Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Instructions (a) Calculate the cost of goods sold and ending inventory using FIFO. (b) Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (c) Calculate gross profit for May.
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