Required information [The following informetion applies to the questions dlsplayed below) Gissgow Corporation hes the following Inventory transactions during the year. Unit Date Jan. 1 Bagining inventary Apr. 7 Purchase Jul.16 Purchase Nunber of nits Cast $ 48 sa Transaction Tatal Cost $ 2,688 6,880 18,918 6,264 S6 136 206 116 53 Oct. 6 Purchase 54 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 esch. Required: 1. Uaing FIFO, calculste ending Inventory. cost of goods sold, sales revenue, and gross profit. Coct of Goods Avallable for Bale Cost of FIFO Coct of Goods Bold Ending Inventory Goods Avalable Cost of Goods of unts Cost Ending per unit Inventory Coct of unts Cost per of units unit per unit Bold for Bale Boginning Inventory Purchases: Apr. 7 Ju.16 Oct6 Total Sales revenue Gross proft ulun
Required information [The following informetion applies to the questions dlsplayed below) Gissgow Corporation hes the following Inventory transactions during the year. Unit Date Jan. 1 Bagining inventary Apr. 7 Purchase Jul.16 Purchase Nunber of nits Cast $ 48 sa Transaction Tatal Cost $ 2,688 6,880 18,918 6,264 S6 136 206 116 53 Oct. 6 Purchase 54 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 esch. Required: 1. Uaing FIFO, calculste ending Inventory. cost of goods sold, sales revenue, and gross profit. Coct of Goods Avallable for Bale Cost of FIFO Coct of Goods Bold Ending Inventory Goods Avalable Cost of Goods of unts Cost Ending per unit Inventory Coct of unts Cost per of units unit per unit Bold for Bale Boginning Inventory Purchases: Apr. 7 Ju.16 Oct6 Total Sales revenue Gross proft ulun
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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