The following pertains to the cost of H’s only inventory item: Inventory on hand, January 1 0 units Purchases, January 2 75 units @ $14 per unit Purchases, January 12 95 units @ $16 per unit Purchases, January 16 35 units @ $17 per unit Purchases, January 20 40 units @ $19 per unit Purchases, January 26 15 units @ $20 per unit 260 Sales, January 5 35 units @ $30 per unit Sales, January 11 20 units @ $30 per unit Sales, January 13 45 units @ $30 per unit Sales, January 25 10 units @ $30 per unit Sales, January 27 25 units @ $30 per unit 135 (135 x $30 = $4,050) Calculate COGS AND GP for January AND EI as of 01-31 under the following assumptions: H uses periodic LIFO EI: COGS: Gross profit: H uses periodic FIFO EI: COGS: Gross profit: H uses a weighted average method and rounds the unit cost to the nearest penny. EI: COGS: Gross profit:
The following pertains to the cost of H’s only inventory item:
- Inventory on hand, January 1 0 units
- Purchases, January 2 75 units @ $14 per unit
- Purchases, January 12 95 units @ $16 per unit
- Purchases, January 16 35 units @ $17 per unit
- Purchases, January 20 40 units @ $19 per unit
- Purchases, January 26 15 units @ $20 per unit
260
- Sales, January 5 35 units @ $30 per unit
- Sales, January 11 20 units @ $30 per unit
- Sales, January 13 45 units @ $30 per unit
- Sales, January 25 10 units @ $30 per unit
- Sales, January 27 25 units @ $30 per unit
135 (135 x $30 = $4,050)
Calculate COGS AND GP for January AND EI as of 01-31 under the following assumptions:
- H uses periodic LIFO
EI:
COGS:
Gross profit:
- H uses periodic FIFO
EI:
COGS:
Gross profit:
- H uses a weighted average method and rounds the unit cost to the nearest penny.
EI:
COGS:
Gross profit:
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