Answer ALL parts for Gross Profit With Working.Answer In Text. Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFOClayton Company shows the following transactions for its major inventory item.DateUnits Unit CostNov. 1 Inventory (beginning) 3,600 $6.90Purchase7,2007.20Sales (at $15)4,800Purchase6,000Sales (at $15)10,80013,20010,8007,200Nov. 3Nov. 5Nov. 13Nov. 20Nov. 22 PurchaseNov. 28 Sales (at $18)Nov. 29 Purchase7.507.667.80RequiredCompute ending inventory, cost of goods sold, and gross profit using: Periodic Inventory System Perpetual Inventory SystemGross ProfitPeriodicSalesCOGASLess Ending InventoryCOGSGross ProfitSalesCOGASLess Ending InventoryCOGSGross Profit$$$$a. Average Cost0 x $248,76022,804.8225,955.20 x $Gross ProfitPerpetuald. Moving Average0 x $248,760266,952(18,192)0 x $b. FIFOe. FIFO0 x $248,7609,360251,052Gross Profit0 x $0 x $248,7600248,7600 x $C. LIFOf. LIFO0x248,76022,500237,6600 x0 x248,7600248,7600 x

Date Particulars Purchase COGS Balance Units Unit Cost ($) Total ($) Units Unit Cost ($) Total…

Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Nov. 1 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase Units Unit Cost $6.90 7.20 Inventory (beginning) 3,600 Purchase 7,200 Sales (at $15) Purchase Sales (at $15) 4,800 6,000 10,800 13,200 10,800 7,200 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:

Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Nov. 1 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase Units Unit Cost $6.90 7.20 Inventory (beginning) 3,600 Purchase 7,200 Sales (at $15) Purchase Sales (at $15) 4,800 6,000 10,800 13,200 10,800 7,200 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.
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