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Business
Accounting
Number of Units Unit Cost Sales Beginning Inventory 250 $100 Sold 160 $140 Purchased 510 103 Sold Purchased 400 142 410 110 Sold 370 144 Ending Inventory 240 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Sale 160 100 16,000 Purchase 52,530 510 103 Sale 100 103 Purchase 410 45,100 110

Number of Units Unit Cost Sales Beginning Inventory 250 $100 Sold 160 $140 Purchased 510 103 Sold Purchased 400 142 410 110 Sold 370 144 Ending Inventory 240 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Sale 160 100 16,000 Purchase 52,530 510 103 Sale 100 103 Purchase 410 45,100 110

FINANCIAL ACCOUNTING
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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Gross Margin, FIFO perpetual Sales COGS Gross Margin %24 %24
Transcribed Image Text:Gross Margin, FIFO perpetual Sales COGS Gross Margin %24 %24
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first- in, first-out (FIFO). Number of Units Unit Cost Sales Beginning Inventory 250 $100 Sold 160 $140 Purchased 510 103 Sold 400 142 Purchased 410 110 Sold 370 144 Ending Inventory 240 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Sale 160 100 16,000 Purchase 510 103 52,530 Sale 100 103 Purchase 410 110 45,100 Sale Total Purchases $ 97,630 Total COGS II I
Transcribed Image Text:Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first- in, first-out (FIFO). Number of Units Unit Cost Sales Beginning Inventory 250 $100 Sold 160 $140 Purchased 510 103 Sold 400 142 Purchased 410 110 Sold 370 144 Ending Inventory 240 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Sale 160 100 16,000 Purchase 510 103 52,530 Sale 100 103 Purchase 410 110 45,100 Sale Total Purchases $ 97,630 Total COGS II I
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