.The following data pertain to Cross Company (assume a perpetual inventory system) for the month ended January 31, 2019: Date Description Units Unit Cost Unit Selling Price Jan.1 Beg. Inventory 10 $50 5 Purchase 25 52 10 Sale (6) $80 16 Sale (10) 82 20 Purchase 12 55 25 Sale (20) 85 Required: 1. Compute the cost of goods sold and ending inventory under FIFO. 2. Compute Gross Margin under FIFO
5.The following data pertain to Cross Company (assume a perpetual inventory system) for the month ended January 31, 2019:
Date Description Units Unit Cost Unit Selling Price
Jan.1 Beg. Inventory 10 $50
5 Purchase 25 52
10 Sale (6) $80
16 Sale (10) 82
20 Purchase 12 55
25 Sale (20) 85
Required:
1. Compute the cost of goods sold and ending inventory under FIFO.
2. Compute Gross Margin under FIFO
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