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).Numberof UnitsUnit CostSalesBeginning inventory240$140Sold160$180Purchased500143Sold400182Purchased410150Sold370214Ending inventory220LIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SolodCost of Inventory RemainingNumberNumberNumberof UnitsUnit CostTotal Costof UnitsUnit CostTotal Costof UnitsUnit CostTotal CostBeginning$4$4SalePurchaseSalePurchase%24 LIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory RemainingNumberNumberNumberof UnitsUnit CostTotal Costof UnitsUnit CostTotal Costof UnitsUnit CostTotal CostBeginningSalePurchaseSalePurchase<>SaleTotal PurchasesTotal COGSGross Margin, LIFO perpetualSalesCOGSGross Margin$4%24%24%24

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Description: 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,

The inventory can be valued using various methods as: LIFO FIFO weighted average method

Business

Accounting

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

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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76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
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