1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following sheet.2. Craig has some questions regarding reporting and recording inventory. Answer the following questions on the Questions sheet. Inventory Record: Sprinkler HeadsFIFO8Date Quantity Unit Cost Total Cost Quantity Unit CostSept. 213Purchases14TotalsNote: Not all cells will have data. Use cells as needed.Cost of Goods SoldShow work here:Total CostQuantityInventory on HandUnit CostCalculate the Gross Profit and Gross Profit % on the Sales for the Sprinkler Heads for the month of September:Total Cost 1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Headsfor Craig's Design and Landscaping on the following sheet.Complete the Inventory Record using the FIFO method for Sprinkler Heads using the Sales andPurchase information below:Date2-Sep6-Sep8-Sep13-Sep14-SepType of TransactionPurchasePurchaseSalePurchaseSaleQuantity112634$$$$$Purchase/Sales Price22235025502. Craig has some questions regarding reporting and recording inventory.Answer the following questions on the Questions sheet.Be sure to answer in complete sentences, using proper grammar and sentence structure.

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Description: 1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following sheet.2. Craig has some questions regarding reporting and recording inventory. Answer the following questions on the Q

Gross profit=Sales-Cost of goods sold Gross profit %=Gross profitSales×100

Business

Accounting

1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following sheet. Complete the Inventory Record using the FIFO 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 11 2 6 3 4 $ $ $ $ $ Purchase/Sales Price 22 23 50 25 2. Craig has some questions regarding reporting and recording inventory. S 50

1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following sheet. Complete the Inventory Record using the FIFO 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 11 2 6 3 4 $ $ $ $ $ Purchase/Sales Price 22 23 50 25 2. Craig has some questions regarding reporting and recording inventory. S 50

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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