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Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of   May   1   Purchased 500 units @ $25.00 each 4   Purchased 300 units @ $24.00 each 6   Sold 400 units @ $38.00 each 8   Purchased 700 units @ $23.00 each 13   Sold 450 units @ $37.50 each 20   Purchased 250 units @ $25.25 each 22   Sold 275 units @ $36.00 each Sold 300 units @ $37.00 each Purchased 550 units @ $26.00 each 30   Sold 100 units @ $39.00 each   Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods: FIFO perpetual FIFO periodic LIFO perpetual LIFO periodic Average cost periodic (round average to nearest cent)

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of   May   1   Purchased 500 units @ $25.00 each 4   Purchased 300 units @ $24.00 each 6   Sold 400 units @ $38.00 each 8   Purchased 700 units @ $23.00 each 13   Sold 450 units @ $37.50 each 20   Purchased 250 units @ $25.25 each 22   Sold 275 units @ $36.00 each Sold 300 units @ $37.00 each Purchased 550 units @ $26.00 each 30   Sold 100 units @ $39.00 each   Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods: FIFO perpetual FIFO periodic LIFO perpetual LIFO periodic Average cost periodic (round average to nearest cent)

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1MP
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  1. Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of

 

May   1   Purchased 500 units @ $25.00 each

4   Purchased 300 units @ $24.00 each

6   Sold 400 units @ $38.00 each

8   Purchased 700 units @ $23.00 each

13   Sold 450 units @ $37.50 each

20   Purchased 250 units @ $25.25 each

22   Sold 275 units @ $36.00 each

  • Sold 300 units @ $37.00 each
  • Purchased 550 units @ $26.00 each

30   Sold 100 units @ $39.00 each

 

Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods:

  1. FIFO perpetual
  2. FIFO periodic
  3. LIFO perpetual
  4. LIFO periodic
  5. Average cost periodic (round average to nearest cent)
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