Pump-It, INc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2012 were as follows: Weight sets 460 Unit cost ($) Total cost ($) 13,800 3,520 Beginning inventory, Jan 1 Purchase, Jan 16 Sale, Jan 25 ($45 per set) Purchase, Feb 16 Sale, Feb 27 ($40 per set) Purchase, Mar 10 Sale, Mar 30 ($50 per set) 30 110 216 105 32 36 3,780 307 150 28 4,200 190 1. Determine the amounts for ending inventory, COGS, and gross margin under the following costing inventories:

Pump-It, INc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2012 were as follows: Weight sets 460 Unit cost ($) Total cost ($) 13,800 3,520 Beginning inventory, Jan 1 Purchase, Jan 16 Sale, Jan 25 ($45 per set) Purchase, Feb 16 Sale, Feb 27 ($40 per set) Purchase, Mar 10 Sale, Mar 30 ($50 per set) 30 110 216 105 32 36 3,780 307 150 28 4,200 190 1. Determine the amounts for ending inventory, COGS, and gross margin under the following costing inventories:

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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