Ac. 2 (b)Cynthia Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales ofGizmo for the month of March. Cynthia Company uses the perpetual inventory system.3/13/33/43/10(a)UnitsBeginning inventory 100PurchaseSalesPurchase3/16Sales3/19Sales3/25 Sales3/30 PurchasePurchasesCost of goods sold $65Ending Inventory $200Save for Later40Unit Cost$41$52$60$55SalesUnits Selling Price/UnitYour answer has been saved. See score details after the due date.1498060907565Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.$80$85$85$90Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.Attempts: 1 of 1 usedAttempts: 0 of 1 used Submit Answer

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Description: Ac. 2 (b)Cynthia Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales ofGizmo for the month of March. Cynthia Company uses the perpetual inventory system.3/13/33/43/10(a)UnitsBeginn

LIFO Method :— It is one of the method of inventory valuation in which it is assumed that recent or…

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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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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