ABC Company began a new business on January 1, 2013 and made the following purchases and sales during the year. What is COGS using FIFO, LIFO, and Weighted Average? 1-1-13 700 paintings @$7 4-9-13 600 paintings @$8 6-14-13 600 paintings @$9 9-19-13 1500 paintings @$10 10-25-13 800 paintings @$11 12-30-13 Sold 2000 paintings

ABC Company began a new business on January 1, 2013 and made the following purchases and sales during the year. What is COGS using FIFO, LIFO, and Weighted Average? 1-1-13 700 paintings @$7 4-9-13 600 paintings @$8 6-14-13 600 paintings @$9 9-19-13 1500 paintings @$10 10-25-13 800 paintings @$11 12-30-13 Sold 2000 paintings

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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Required Informatlon [The following Information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptions