Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7. Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowens Ravenclaw for $50 each Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units 32 units $20.00 cost $30.00 cost 28 units@ $36.00 cust Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March 30 if Harry uses LIFO to assign costs to inventory.
Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7. Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowens Ravenclaw for $50 each Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units 32 units $20.00 cost $30.00 cost 28 units@ $36.00 cust Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March 30 if Harry uses LIFO to assign costs to inventory.
Chapter1: Financial Statements And Business Decisions
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Required information
Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7.
Harry's Pottery is a merchandising company located in Hogwarts Station, MD
During his first month of operations Harry reported the following data related to his purchases for his only product
In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowens Ravenclaw for $50 each
Purchases on March 7
Purchases on March 14
Purchases on March 21
Perpetual LIFO
Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each
Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March
30 if Harry uses LIFO to assign costs to inventory.
Date
March 7
March 14
March 15
18 units $20.00 cost
32 units $30.00 cost
28 units $36.00 cust
# of
Goods purchased
Cost per
unit
Cast of Goods
Available for
Sale
Cost of Goods Sold
#of
units
sold
Help Save&Exit Submit
Cost per Cost of Goods
Sold
< Prev
Cost per Inventory
Balance
B
39 40 of 40 Next"
Transcribed Image Text:J
Required information
Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7.
Harry's Pottery is a merchandising company located in Hogwarts Station, MD
During his first month of operations Harry reported the following data related to his purchases for his only product
In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowens Ravenclaw for $50 each
Purchases on March 7
Purchases on March 14
Purchases on March 21
Perpetual LIFO
Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each
Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March
30 if Harry uses LIFO to assign costs to inventory.
Date
March 7
March 14
March 15
18 units $20.00 cost
32 units $30.00 cost
28 units $36.00 cust
# of
Goods purchased
Cost per
unit
Cast of Goods
Available for
Sale
Cost of Goods Sold
#of
units
sold
Help Save&Exit Submit
Cost per Cost of Goods
Sold
< Prev
Cost per Inventory
Balance
B
39 40 of 40 Next
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