Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 240 $140 Sold 160 $180 Purchased 500 143 Sold 400 182 Purchased 410 150 Sold 370 214 Ending inventory 220 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Sale Purchase
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 240 $140 Sold 160 $180 Purchased 500 143 Sold 400 182 Purchased 410 150 Sold 370 214 Ending inventory 220 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Sale Purchase
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating.
Provide calculations for last-in, first-out (LIFO).
Number
of Units
Unit Cost
Sales
Beginning inventory
240
$140
Sold
160
$180
Purchased
500
143
Sold
400
182
Purchased
410
150
Sold
370
214
Ending inventory
220
LIFO (perpetual) Inventory
Cost of Goods Purchased
Cost of Goods Solod
Cost of Inventory Remaining
Number
Number
Number
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
Beginning
$4
$4
Sale
Purchase
Sale
Purchase
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9af1a2ca-c285-4aad-90d7-f7eb61ac87b6%2F340abfbd-5e00-41a1-a972-af16c2aaeebf%2Fnj0vnge_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating.
Provide calculations for last-in, first-out (LIFO).
Number
of Units
Unit Cost
Sales
Beginning inventory
240
$140
Sold
160
$180
Purchased
500
143
Sold
400
182
Purchased
410
150
Sold
370
214
Ending inventory
220
LIFO (perpetual) Inventory
Cost of Goods Purchased
Cost of Goods Solod
Cost of Inventory Remaining
Number
Number
Number
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
Beginning
$4
$4
Sale
Purchase
Sale
Purchase
%24
![LIFO (perpetual) Inventory
Cost of Goods Purchased
Cost of Goods Sold
Cost of Inventory Remaining
Number
Number
Number
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
Beginning
Sale
Purchase
Sale
Purchase
<>
Sale
Total Purchases
Total COGS
Gross Margin, LIFO perpetual
Sales
COGS
Gross Margin
$4
%24
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9af1a2ca-c285-4aad-90d7-f7eb61ac87b6%2F340abfbd-5e00-41a1-a972-af16c2aaeebf%2F44h4v6j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:LIFO (perpetual) Inventory
Cost of Goods Purchased
Cost of Goods Sold
Cost of Inventory Remaining
Number
Number
Number
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
of Units
Unit Cost
Total Cost
Beginning
Sale
Purchase
Sale
Purchase
<>
Sale
Total Purchases
Total COGS
Gross Margin, LIFO perpetual
Sales
COGS
Gross Margin
$4
%24
%24
%24
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