Joe's Product Co. made the following purchases during the current quarter ending on March 31 Date Transaction Number of Units Per Unit Total Jan. 1 Beg Inv 15 $99 $1,485 Jan. 15 Purchase 20 $101 $2,020 Jan. 22 Sale 10 $150 $1,500 Feb. 1 Purchase 10 $103 $1,030 Feb. 8 Purchase 15 $104 $1,560 Feb. 24 Sale 12 $150 $1,800 March 15 Sale 5 $160 $800 Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory. Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method. COGS: Ending Inventory: Gross Margin:
Joe's Product Co. made the following purchases during the current quarter ending on March 31 Date Transaction Number of Units Per Unit Total Jan. 1 Beg Inv 15 $99 $1,485 Jan. 15 Purchase 20 $101 $2,020 Jan. 22 Sale 10 $150 $1,500 Feb. 1 Purchase 10 $103 $1,030 Feb. 8 Purchase 15 $104 $1,560 Feb. 24 Sale 12 $150 $1,800 March 15 Sale 5 $160 $800 Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory. Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method. COGS: Ending Inventory: Gross Margin:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Joe's Product Co. made the following purchases during the current quarter ending on March 31
| Date | Transaction | Number of Units |
Per Unit |
Total |
| Jan. 1 | Beg Inv | 15 | $99 | $1,485 |
| Jan. 15 | Purchase | 20 | $101 | $2,020 |
| Jan. 22 | Sale | 10 | $150 | $1,500 |
| Feb. 1 | Purchase | 10 | $103 | $1,030 |
| Feb. 8 | Purchase | 15 | $104 | $1,560 |
| Feb. 24 | Sale | 12 | $150 | $1,800 |
| March 15 | Sale | 5 | $160 | $800 |
Of the units sold on January 22, 7 came from beginning inventory and 3 came from the Jan. 15 purchase. The units sold on Feb. 24 contained 5 units from the Feb. 1 purchase and 7 units from the Feb. 8 purchase. Finally, the units sold on March 15 came entirely from beginning inventory.
Compute COGS, Ending Inventory, and Gross Margin for this Joe's Product's March 31st financial statements using the specific identification method.
COGS:
Ending Inventory:
Gross Margin:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education