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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
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.
Transcribed Image Text:Inventory Record: Sprinkler Heads
FIFO
8
Date Quantity Unit Cost Total Cost Quantity Unit Cost
Sept. 2
13
Purchases
14
Totals
Note: Not all cells will have data. Use cells as needed.
Cost of Goods Sold
Show work here:
Total Cost
Quantity
Inventory on Hand
Unit Cost
Calculate the Gross Profit and Gross Profit % on the Sales for the Sprinkler Heads for the month of September:
Total Cost
Transcribed Image Text: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
50
2. 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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