Joe's Product Co. made the following purchases during the current quarter ending on March 31 Date Transaction Number of Units Per Unit Total Jan. 1 Beg Inv 15 $99 $1,485 Jan. 15 Purchase 20 $101 $2,020 Jan. 22 Sale 10 $150 $1,500 Feb. 1 Purchase 10 $103 $1,030 Feb. 8 Purchase 15 $104 $1,560 Feb. 24 Sale 12 $150 $1,800 March 15 Sale 5 $160 $800 Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory. Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method. COGS: Ending Inventory: Gross Margin:
Joe's Product Co. made the following purchases during the current quarter ending on March 31 Date Transaction Number of Units Per Unit Total Jan. 1 Beg Inv 15 $99 $1,485 Jan. 15 Purchase 20 $101 $2,020 Jan. 22 Sale 10 $150 $1,500 Feb. 1 Purchase 10 $103 $1,030 Feb. 8 Purchase 15 $104 $1,560 Feb. 24 Sale 12 $150 $1,800 March 15 Sale 5 $160 $800 Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory. Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method. COGS: Ending Inventory: Gross Margin:
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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Question
Joe's Product Co. made the following purchases during the current quarter ending on March 31
| Date | Transaction | Number of Units |
Per Unit |
Total |
| Jan. 1 | Beg Inv | 15 | $99 | $1,485 |
| Jan. 15 | Purchase | 20 | $101 | $2,020 |
| Jan. 22 | Sale | 10 | $150 | $1,500 |
| Feb. 1 | Purchase | 10 | $103 | $1,030 |
| Feb. 8 | Purchase | 15 | $104 | $1,560 |
| Feb. 24 | Sale | 12 | $150 | $1,800 |
| March 15 | Sale | 5 | $160 | $800 |
Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory.
Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method.
COGS:
Ending Inventory:
Gross Margin:
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