Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system. 3/1 Beginning inventory 100 units @ $55 3/3 Purchase 60 units @ $60 3/4 Sales 3/10 Purchase 200 unit @ $65 3/16 Sales 3/19 Sales 3/25 Sales 3/30 Purchase 40 unit @ $75 60 untis @ $120 90 unit @ $130 80 unit @ $130 50 unit @ $130 Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the value of ending inventory for March. (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.

Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system. 3/1 Beginning inventory 100 units @ $55 3/3 Purchase 60 units @ $60 3/4 Sales 3/10 Purchase 200 unit @ $65 3/16 Sales 3/19 Sales 3/25 Sales 3/30 Purchase 40 unit @ $75 60 untis @ $120 90 unit @ $130 80 unit @ $130 50 unit @ $130 Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the value of ending inventory for March. (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.

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Description: Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysisof the inventory purchases and sales of Gizmo for the month of March. Grayson Companyuses the perpetual inventory system.3/1 Beginning inventory 100 units @

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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