Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Numberof UnitsUnitCostBeginning Inventory115 $44 Purchased Mar. 2150 46 Sold Mar. 31 for $75 per unit83 (a) Sales Revenue$fill in the blank 1(b) Cost of Goods Soldfill in the blank 2(c) Gross Margin$fill in the blank 3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold,and (c) gross margin for A75 Company, considering the following transactions.Number Unitof Units CostBeginning Inventory115$44Purchased Mar. 215046Sold Mar. 31 for $75 per unit83(a) Sales Revenue(b) Cost of Goods Sold(c) Gross Margin

First in first out method considers the assumption that goods purchased first are sold first by the…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...

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Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions.

	Number of Units	Unit Cost
Beginning Inventory	115	$44
Purchased Mar. 2	150	46
Sold Mar. 31 for $75 per unit	83

(a) Sales Revenue	$fill in the blank 1
(b) Cost of Goods Sold	fill in the blank 2
(c) Gross Margin	$fill in the blank 3

Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold,
and (c) gross margin for A75 Company, considering the following transactions.
Number Unit
of Units Cost
Beginning Inventory
115
$44
Purchased Mar. 2
150
46
Sold Mar. 31 for $75 per unit
83
(a) Sales Revenue
(b) Cost of Goods Sold
(c) Gross Margin

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