Mary 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. Mary Company uses the perpetual inventory system. Purchases Sales Unit Selling Price/Unit Units Units Cost 3/1 Beginning inventory 90 $38 3/3 Purchasę 55 $48 3/4 Sales 55 $75 3/10 Purchase 195 $50 3/16 Sales 85 $85 3/19 Sales 65 $85 3/25 Sales 55 $85 3/30 Purchase 35 $55 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold %24
Mary 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. Mary Company uses the perpetual inventory system. Purchases Sales Unit Selling Price/Unit Units Units Cost 3/1 Beginning inventory 90 $38 3/3 Purchasę 55 $48 3/4 Sales 55 $75 3/10 Purchase 195 $50 3/16 Sales 85 $85 3/19 Sales 65 $85 3/25 Sales 55 $85 3/30 Purchase 35 $55 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mary 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. Mary Company uses the perpetual inventory system.
Purchases
Sales
Unit
Selling
Units
Units
Cost
Price/Unit
3/1
Beginning inventory
90
$38
3/3
Purchase
55
$48
3/4
Sales
55
$75
3/10
Purchase
195
$50
3/16
Sales
85
$85
3/19
Sales
65
$85
3/25
Sales
55
$85
3/30
Purchase
35
$55
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold
%24
eTextbook and Media
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