Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory Sales... 1 200 units e $10 =$ 2,000 Jan. 10 150 units a $40 Mar 14 Purchase 350 units e $15 = 5,250 Mar 15 Sales.. 300 units @ $40 July 30 Purchase 450 units a $20 = 9,000 Oc. Sales... 430 units a $40 Oct. 26 Purchase 100 units @ $25%3D 2,500 Totals 1,100 units $18.750 880 units
Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory Sales... 1 200 units e $10 =$ 2,000 Jan. 10 150 units a $40 Mar 14 Purchase 350 units e $15 = 5,250 Mar 15 Sales.. 300 units @ $40 July 30 Purchase 450 units a $20 = 9,000 Oc. Sales... 430 units a $40 Oct. 26 Purchase 100 units @ $25%3D 2,500 Totals 1,100 units $18.750 880 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Then (c) compute the gross margin for each method
![Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan. 1
200 units e $10 = $ 2.000
Beginning inventory
Sales...
14.
Jan. 10
150 units @ $40
Mar 14
Purchase
350 units a $15 =
5,250
Mar. 15
Sales..
300 units e $40
July 30
Purchase
450 units a $20 =
9,000
Oc. 5
Sales...-
430 units a $40
Oct. 26
Purchase
100 units a $25% =
2,500
%3D
Totals
1,100 units
$18,750
880 units
CS Scanned with CamScanner](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fecb7ca72-e811-45c2-9e69-253854ef5343%2F27e4f33d-17d8-46b1-ba43-4b1682132398%2F4mi0edq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan. 1
200 units e $10 = $ 2.000
Beginning inventory
Sales...
14.
Jan. 10
150 units @ $40
Mar 14
Purchase
350 units a $15 =
5,250
Mar. 15
Sales..
300 units e $40
July 30
Purchase
450 units a $20 =
9,000
Oc. 5
Sales...-
430 units a $40
Oct. 26
Purchase
100 units a $25% =
2,500
%3D
Totals
1,100 units
$18,750
880 units
CS Scanned with CamScanner
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