Date Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase' Feb. 15 Sales June 30 Purchase Sales Purchase Totals Activities Nov. 6 Nov. 19 Units Acquired at Cost 70 units @ $2$ 140 94 units @ $3= $ 282 120 units @ $4$ 480 34 units@ $5= $ 170 318 units $1,072 Required: The company uses a periodic inventory system. Units Sold at Retail 42 units @ $8 86 units @ $8 94 units @ $8 222 units a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.

Date Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase' Feb. 15 Sales June 30 Purchase Sales Purchase Totals Activities Nov. 6 Nov. 19 Units Acquired at Cost 70 units @ $2$ 140 94 units @ $3= $ 282 120 units @ $4$ 480 34 units@ $5= $ 170 318 units $1,072 Required: The company uses a periodic inventory system. Units Sold at Retail 42 units @ $8 86 units @ $8 94 units @ $8 222 units a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.

Name: Please do not give solution in image format thanku ActivitiesDateJan.
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku ActivitiesDateJan. 1 Beginning inventoryJan. 3 SalesFeb. 14Purchase"Feb. 15SalesJune 30Purchase.Nov. 6 SalesNov. 19 PurchaseTotalsUnits Acquired at Cost70 units @ $2= $ 14094 units @ $3= $282120 unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks