12. The Costup Company sells many products. Top is one of its popular items. Below is an analysis of the inventory purchases and sales of Top for the month of March: 3/1 Beginning inventory 40 units at $9 3/8 Purchased 100 units at $10 3/15 Sold 40 units at $25 3/17 Sold 80 units at $25 3/20 Purchased 90 units at $11 2/25 Sold 60 units at $25 a) Provide the following assuming Cog Company uses a perpetual inventory system. FIFO- Ending Inventory LIFO-Cost of Goods Sold Moving Average-Gross Profit
12. The Costup Company sells many products. Top is one of its popular items. Below is an analysis of the inventory purchases and sales of Top for the month of March: 3/1 Beginning inventory 40 units at $9 3/8 Purchased 100 units at $10 3/15 Sold 40 units at $25 3/17 Sold 80 units at $25 3/20 Purchased 90 units at $11 2/25 Sold 60 units at $25 a) Provide the following assuming Cog Company uses a perpetual inventory system. FIFO- Ending Inventory LIFO-Cost of Goods Sold Moving Average-Gross Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![12.
The Costup Company sells many products. Top is one of its popular items. Below is an
analysis of the inventory purchases and sales of Top for the month of March:
3/1 Beginning inventory 40 units at $9
3/8 Purchased 100 units at $10
3/15 Sold 40 units at $25
3/17 Sold 80 units at $25
3/20 Purchased 90 units at $11
2/25 Sold 60 units at $25
a) Provide the following assuming Cog Company uses a perpetual inventory system.
FIFO Ending Inventory
LIFO-Cost of Goods Sold
Moving Average-Gross Profit
b) Now, provide the following assuming Cog Company uses a periodic inventory system.
FIFO Gross Profit
LIFO Cost of Goods Sold
Weighted Average - Ending Inventory S](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ca35aa5-9357-4809-ac84-51625c94e4c3%2F679a7157-54d9-4c26-90b7-d79e01a3335c%2Fgjr3tck_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12.
The Costup Company sells many products. Top is one of its popular items. Below is an
analysis of the inventory purchases and sales of Top for the month of March:
3/1 Beginning inventory 40 units at $9
3/8 Purchased 100 units at $10
3/15 Sold 40 units at $25
3/17 Sold 80 units at $25
3/20 Purchased 90 units at $11
2/25 Sold 60 units at $25
a) Provide the following assuming Cog Company uses a perpetual inventory system.
FIFO Ending Inventory
LIFO-Cost of Goods Sold
Moving Average-Gross Profit
b) Now, provide the following assuming Cog Company uses a periodic inventory system.
FIFO Gross Profit
LIFO Cost of Goods Sold
Weighted Average - Ending Inventory S
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