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1. Diaz Company sold 180 units @ $320 each on October 31, 2011. The following information is also available: Beginning inventory Feb 3 purchase June 2 purchase Oct 1 purchase Required: 40 units @ $175 60 units @ $190 70 units @ $220 40 units@ $230 a) Determine the amount of cost of goods sold using LIFO b) Determine the gross margin

1. Diaz Company sold 180 units @ $320 each on October 31, 2011. The following information is also available: Beginning inventory Feb 3 purchase June 2 purchase Oct 1 purchase Required: 40 units @ $175 60 units @ $190 70 units @ $220 40 units@ $230 a) Determine the amount of cost of goods sold using LIFO b) Determine the gross margin

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Diaz Company sold 180 units @ $320 each on October 31, 2011. The following information is also available: Beginning inventory Feb 3 purchase June 2 purchase Oct 1 purchase 40 units @ $175 60 units @ $190 b) Determine the gross margin 70 units @ $220 40 units@ $230 Required: a) Determine the amount of cost of goods sold using LIFO
Transcribed Image Text:1. Diaz Company sold 180 units @ $320 each on October 31, 2011. The following information is also available: Beginning inventory Feb 3 purchase June 2 purchase Oct 1 purchase 40 units @ $175 60 units @ $190 b) Determine the gross margin 70 units @ $220 40 units@ $230 Required: a) Determine the amount of cost of goods sold using LIFO
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