Cynthia Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Cynthia Company uses the perpetual inventory system. 3/1 3/3 3/4 3/10 3/16 Beginning inventory Purchase (a) Sales Purchase Sales 3/19 Sales 3/25 Sales 3/30 Purchase Purchases Units Cost of goods sold $ 100 65 200 40 Unit Cost $41 $52 $60 $55 Sales Units Selling Price/Unit 60 14980 90 Your answer has been saved. See score details after the due date. 75 65 $80 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. $85 $85 $90 Attempts: 1 of 1 used
Cynthia Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Cynthia Company uses the perpetual inventory system. 3/1 3/3 3/4 3/10 3/16 Beginning inventory Purchase (a) Sales Purchase Sales 3/19 Sales 3/25 Sales 3/30 Purchase Purchases Units Cost of goods sold $ 100 65 200 40 Unit Cost $41 $52 $60 $55 Sales Units Selling Price/Unit 60 14980 90 Your answer has been saved. See score details after the due date. 75 65 $80 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. $85 $85 $90 Attempts: 1 of 1 used
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ac. 2
Transcribed Image Text:(b)
Cynthia Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of
Gizmo for the month of March. Cynthia Company uses the perpetual inventory system.
3/1
3/3
3/4
3/10
(a)
Units
Beginning inventory 100
Purchase
Sales
Purchase
3/16
Sales
3/19
Sales
3/25 Sales
3/30 Purchase
Purchases
Cost of goods sold $
65
Ending Inventory $
200
Save for Later
40
Unit Cost
$41
$52
$60
$55
Sales
Units Selling Price/Unit
Your answer has been saved. See score details after the due date.
14980
60
90
75
65
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
$80
$85
$85
$90
Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
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