Grayson 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. Grayson Company uses the perpetual inventory system. 3/1 Beginning inventory 100 units @ $55 3/3 Purchase 60 units @ $60 3/4 Sales 3/10 Purchase 200 unit @ $65 3/16 Sales 3/19 Sales 3/25 Sales 3/30 Purchase 40 unit @ $75 60 untis @ $120 90 unit @ $130 80 unit @ $130 50 unit @ $130 Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the value of ending inventory for March. (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.
Grayson 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. Grayson Company uses the perpetual inventory system. 3/1 Beginning inventory 100 units @ $55 3/3 Purchase 60 units @ $60 3/4 Sales 3/10 Purchase 200 unit @ $65 3/16 Sales 3/19 Sales 3/25 Sales 3/30 Purchase 40 unit @ $75 60 untis @ $120 90 unit @ $130 80 unit @ $130 50 unit @ $130 Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the value of ending inventory for March. (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Grayson 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. Grayson Company
uses the perpetual inventory system.
3/1 Beginning inventory 100 units @ $55
3/3 Purchase 60 units @ $60
3/4 Sales
3/10 Purchase 200 unit @ $65
3/16 Sales
60 untis @ $120
90 unit @ $130
80 unit @ $130
50 unit @ $130
3/19 Sales
3/25 Sales
3/30 Purchase 40 unit @ $75
Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A
DOLLAR SIGN IN YOUR ANSWER.
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
(b) Using the FIFO assumption, calculate the value of ending inventory for March.
(c) Using the moving average cost method, calculate the amount assigned to the inventory on
hand on March 31.
(d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on
March 31.
(e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d7c782e-fbcd-44fd-a2e7-04e69b52b87a%2F16f78c87-2822-4a10-9d92-9dfce893e6e2%2Foixkt89_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Grayson 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. Grayson Company
uses the perpetual inventory system.
3/1 Beginning inventory 100 units @ $55
3/3 Purchase 60 units @ $60
3/4 Sales
3/10 Purchase 200 unit @ $65
3/16 Sales
60 untis @ $120
90 unit @ $130
80 unit @ $130
50 unit @ $130
3/19 Sales
3/25 Sales
3/30 Purchase 40 unit @ $75
Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A
DOLLAR SIGN IN YOUR ANSWER.
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
(b) Using the FIFO assumption, calculate the value of ending inventory for March.
(c) Using the moving average cost method, calculate the amount assigned to the inventory on
hand on March 31.
(d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on
March 31.
(e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.
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