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Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost Activities Beginning Inventory 132 units at $9 Sold at Retail Date January 1 Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 528 units at $19 July 30 Oct 5 Oct 26 Purchase Sales 461 units at $40 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $

Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost Activities Beginning Inventory 132 units at $9 Sold at Retail Date January 1 Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 528 units at $19 July 30 Oct 5 Oct 26 Purchase Sales 461 units at $40 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $

Intermediate Accounting: Reporting And Analysis
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 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost 132 units at $9 Date Activities Sold at Retail January 1 Beginning Inventory Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 July 30 Oct 5 Oct 26 Purchase 528 units at $19 Sales 461 units at $40 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $
Transcribed Image Text:Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost 132 units at $9 Date Activities Sold at Retail January 1 Beginning Inventory Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 July 30 Oct 5 Oct 26 Purchase 528 units at $19 Sales 461 units at $40 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $
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