PA9. 10.3 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 usingperpetual inventory updating. Provide calculations for first-in, first-out (FIFO).Number of UnitsUnit CostSales$100Beginning inventorySoldPurchasedSold240160$140520103400142Purchased400110Sold370144Ending inventory230 FIFO (perpetual) Inventory1Cost of Goods PurchasedCost of Remaining InventoryUnit Cost Total CostCost of Goods Sold3No. of UnitsUnit Cost Total CostNo. of UnitsUnit Cost Total CostNo. of Units4 Beginning.........6.7 Sale..................89.10 Purchase..................111213 Sale.........14..................1516 Purchase...............17.........1819 Sale......20.............21 Total PurchasesTotal COGS...2223Gross Margin, FIFO perpetual24 Sales...25 - COGS...26 = Gross Margin%3D...

Name: PA9. 10.3 Calculate a) cost of goods sold, b) ending inventory, and c
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Description: PA9. 10.3 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 usingperpetual inventory updating. Provide calculations for

Given that, number of units available for sale = 1160 units number of units sold = 930 units…

Business

Accounting

PA9. 10.3 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 240 $100 Beginning inventory Sold 160 $140 Purchased 520 103 Sold 400 142 Purchased Sold 400 370 110 144 Ending inventory 230

PA9. 10.3 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 240 $100 Beginning inventory Sold 160 $140 Purchased 520 103 Sold 400 142 Purchased Sold 400 370 110 144 Ending inventory 230

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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76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
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