Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit.
| Units | Units Cost | Total Cost | ||
| December 1 | Beginning inventory | 30 | $9 | $270 |
| 15 | Purchase | 25 | $11 | $275 |
| 24 | Purchase | 35 | $12 | $420 |
| Totals | 90 |
$965 |
Required:
(show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions:
a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions:
i)Weighted Average Cost method and
ii) First-In-First-Out(FIFO) method.
b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions:
i)Weighted Average Cost method and
ii) First-In-First-Out(FIFO) method.
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