Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 28 units with a unit cost of $22. Date Oct 3 Oct 6 Oct 12 Oct 19 Oct 23 Oct 30 Oct 31 Units Purchases 18 Sales Cost of goods Sold Gross Profit 28 38 23 Unit cost 23 CAD 25 CAD 27 CAD 28 CAD Units Sales 3. Does using FIFO or moving weighted average produce. a. A higher gross profit? b. A higher ending inventory balance? 23 28 FIFO 33 Unit Price 58 CAD 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. 58 CAD a. FIFO b. Moving weighted average. Round all unit costs to two decimal places and round all other numbers to the nearest dollar 58 CAD 2. Using the calculations in Part 1, complete the following table (draw the table on your answering sheet) Moving Weighted Average 4. Calculate the gross profit percentage for FIFO and moving weighted average for the month of October. Round to the nearest percentage

Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 28 units with a unit cost of $22. Date Oct 3 Oct 6 Oct 12 Oct 19 Oct 23 Oct 30 Oct 31 Units Purchases 18 Sales Cost of goods Sold Gross Profit 28 38 23 Unit cost 23 CAD 25 CAD 27 CAD 28 CAD Units Sales 3. Does using FIFO or moving weighted average produce. a. A higher gross profit? b. A higher ending inventory balance? 23 28 FIFO 33 Unit Price 58 CAD 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. 58 CAD a. FIFO b. Moving weighted average. Round all unit costs to two decimal places and round all other numbers to the nearest dollar 58 CAD 2. Using the calculations in Part 1, complete the following table (draw the table on your answering sheet) Moving Weighted Average 4. Calculate the gross profit percentage for FIFO and moving weighted average for the month of October. Round to the nearest percentage

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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