Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date March 5 April 10 June 19 September 16 November 28 Transaction Purchased Sold Sold Purchased Sold Description 50 items @ $ 370 items @ $ 450 30 60 items @ $ 450 70 items @ $390 45 items @ $480 Required a. Record the inventory transactions in a financial statements model. b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date March 5 April 10 June 19 September 16 November 28 Transaction Purchased Sold Sold Purchased Sold Description 50 items @ $ 370 items @ $ 450 30 60 items @ $ 450 70 items @ $390 45 items @ $480 Required a. Record the inventory transactions in a financial statements model. b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2,
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