Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3,710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 calculate cost of goods sold, gross margin and ending inventory using i) FIFO and ii) Weighted - average

Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3,710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 calculate cost of goods sold, gross margin and ending inventory using i) FIFO and ii) Weighted - average

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 17GI

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Similar questions

Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Using the following information, prepare the Cost of Goods Sold section of an income statement.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
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Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods sold