**1. Inventory Preparation and Gross Profit Calculation for Sprinkler Heads**Craig's Design and Landscaping needs to prepare an inventory stock record and calculate the gross profit for the sprinkler heads. Use the FIFO (first-in, first-out) method with the provided sales and purchase data:| Date | Type of Transaction | Quantity | Purchase/Sales Price ||---------|---------------------|----------|----------------------|| 2-Sep | Purchase | 8 | $20 || 6-Sep | Purchase | 7 | $22 || 8-Sep | Sale | 10 | $50 || 13-Sep | Purchase | 15 | $25 || 14-Sep | Sale | 12 | $50 |**2. Inventory Reporting and Recording Queries**Craig has some questions about inventory reporting and recording. Complete answers should be provided in full sentences, using proper grammar and sentence structure, on the questions sheet. ### Inventory Record: Sprinkler Heads**FIFO (First In, First Out)**This table tracks the inventory of sprinkler heads for the month of September using the FIFO accounting method. The table is divided into three main sections: Purchases, Cost of Goods Sold, and Inventory on Hand.#### Purchases- **Columns**: Date, Quantity, Unit Cost, Total Cost- **Rows**: Dates are provided for recording purchases made on specific days. The information includes the quantity of items purchased, the unit cost, and the total cost of purchases.#### Cost of Goods Sold- **Columns**: Quantity, Unit Cost, Total Cost- **Rows**: Used to track the cost of goods that are sold over the period. It requires recording quantities of items sold, unit costs, and the total cost for the sold items.#### Inventory on Hand- **Columns**: Quantity, Unit Cost, Total Cost- **Rows**: Displays the remaining inventory after sales have been made. This section provides a snapshot of current stock levels, including quantities, unit costs, and the total cost of inventory on hand.**Note**: Not all cells will have data. Use cells as needed.#### Additional TaskCalculate the **Gross Profit** and **Gross Profit %** on the sales for the sprinkler heads for the month of September.---This setup ensures that the inventory levels are managed efficiently and that the cost associated with purchasing and selling is transparent and calculated accurately.

Name: **1. Inventory Preparation and Gross Profit Calculation for Sprinkler
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Description: **1. Inventory Preparation and Gross Profit Calculation for Sprinkler Heads**Craig's Design and Landscaping needs to prepare an inventory stock record and calculate the gross profit for the sprinkler heads. Use the FIFO (first-in, first-out) method

Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Business

Accounting

1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following Complete the Inventory Record using the FIFO (first-in first out) method for Sprinkler Heads using the Sales and Purchase information below: Date 2-Sep 6-Sep 8-Sep 13-Sep 14-Sep Type of Transaction Purchase Purchase Sale Purchase Sale Quantity 8 7 10 15 12 Purchase/Sales Price 20 22 50 25 50 $ $ $ $ $ 2. Craig has some questions regarding reporting and recording nventory. Answer the following questions on the Questions sheet. e sure to answer in complete sentences, using proper grammar and sentence structure.

1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following Complete the Inventory Record using the FIFO (first-in first out) method for Sprinkler Heads using the Sales and Purchase information below: Date 2-Sep 6-Sep 8-Sep 13-Sep 14-Sep Type of Transaction Purchase Purchase Sale Purchase Sale Quantity 8 7 10 15 12 Purchase/Sales Price 20 22 50 25 50 $ $ $ $ $ 2. Craig has some questions regarding reporting and recording nventory. Answer the following questions on the Questions sheet. e sure to answer in complete sentences, using proper grammar and sentence structure.

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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