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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