Iron Hill began August with 62 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Aug. 3 Sale 55 units @ $65 each Aug.8 Purchase 78 units @ $35 each Aug.21 Sale 70 units @ $72 each Aug.30 Purchase 30 units @ $42 each Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. cost of goods sold = ? ending merchandise inventory = ? gross profit=? Cost of Goods Sold Unit Cost Purchases |Inventory on Hand Unit Unit Total Cost Total Cost Total Date Quantity Quantity Quantity Cost Cost Cost Aug. 1 21 30 Totals

Iron Hill began August with 62 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Aug. 3 Sale 55 units @ $65 each Aug.8 Purchase 78 units @ $35 each Aug.21 Sale 70 units @ $72 each Aug.30 Purchase 30 units @ $42 each Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. cost of goods sold = ? ending merchandise inventory = ? gross profit=? Cost of Goods Sold Unit Cost Purchases |Inventory on Hand Unit Unit Total Cost Total Cost Total Date Quantity Quantity Quantity Cost Cost Cost Aug. 1 21 30 Totals

Name: Iron Hill began August with 62 units of iron inventory that cost $30
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Description: Iron Hill began August with 62 units of iron inventory that cost $30 each. During August, the company completed the following inventorytransactions:Aug. 3Sale55 units @ $65 eachAug.8Purchase78 units @ $35 eachAug.21Sale70 units @ $72 eachAug.30Purch

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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