Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of goods sold and c) Gross Profit during March under Perpetual inventory system. a) FIFO b) Weighted Average Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116 units @ $19.50 per unit
Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of goods sold and c) Gross Profit during March under Perpetual inventory system. a) FIFO b) Weighted Average Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116 units @ $19.50 per unit
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of goods sold and c) Gross Profit during March under Perpetual inventory system.
- a) FIFO
- b) Weighted Average
Mar 1 |
Beginning Inventory |
68 units @ $15.00 per unit |
5 |
Purchase |
140 units @ $15.50 per unit |
9 |
Sale |
94 units @ $19.00 per unit |
11 |
Purchase |
40 units @ $16.00 per unit |
16 |
Purchase |
78 units @ $16.50 per unit |
20 |
Sale |
116 units @ $19.50 per unit |
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