Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Nov. 1 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase Units Unit Cost $6.90 7.20 Inventory (beginning) 3,600 Purchase 7,200 Sales (at $15) Purchase Sales (at $15) 4,800 6,000 10,800 13,200 10,800 7,200 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:
Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Nov. 1 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase Units Unit Cost $6.90 7.20 Inventory (beginning) 3,600 Purchase 7,200 Sales (at $15) Purchase Sales (at $15) 4,800 6,000 10,800 13,200 10,800 7,200 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer ALL parts for Gross Profit With Working.Answer In Text.
![Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO
Clayton Company shows the following transactions for its major inventory item.
Date
Units Unit Cost
Nov. 1 Inventory (beginning) 3,600 $6.90
Purchase
7,200
7.20
Sales (at $15)
4,800
Purchase
6,000
Sales (at $15)
10,800
13,200
10,800
7,200
Nov. 3
Nov. 5
Nov. 13
Nov. 20
Nov. 22 Purchase
Nov. 28 Sales (at $18)
Nov. 29 Purchase
7.50
7.66
7.80
Required
Compute ending inventory, cost of goods sold, and gross profit using:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F024f156e-a3bf-4cff-b6b1-7bce99b7b856%2Fcb99c115-df06-4a50-b90f-7fb67dbbb490%2F8fxjgm_processed.png&w=3840&q=75)
Transcribed Image Text:Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO
Clayton Company shows the following transactions for its major inventory item.
Date
Units Unit Cost
Nov. 1 Inventory (beginning) 3,600 $6.90
Purchase
7,200
7.20
Sales (at $15)
4,800
Purchase
6,000
Sales (at $15)
10,800
13,200
10,800
7,200
Nov. 3
Nov. 5
Nov. 13
Nov. 20
Nov. 22 Purchase
Nov. 28 Sales (at $18)
Nov. 29 Purchase
7.50
7.66
7.80
Required
Compute ending inventory, cost of goods sold, and gross profit using:
![Periodic Inventory System Perpetual Inventory System
Gross Profit
Periodic
Sales
COGAS
Less Ending Inventory
COGS
Gross Profit
Sales
COGAS
Less Ending Inventory
COGS
Gross Profit
$
$
$
$
a. Average Cost
0 x $
248,760
22,804.8
225,955.2
0 x $
Gross Profit
Perpetual
d. Moving Average
0 x $
248,760
266,952
(18,192)
0 x $
b. FIFO
e. FIFO
0 x $
248,760
9,360
251,052
Gross Profit
0 x $
0 x $
248,760
0
248,760
0 x $
C. LIFO
f. LIFO
0x
248,760
22,500
237,660
0 x
0 x
248,760
0
248,760
0 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F024f156e-a3bf-4cff-b6b1-7bce99b7b856%2Fcb99c115-df06-4a50-b90f-7fb67dbbb490%2Fvnxl35e_processed.png&w=3840&q=75)
Transcribed Image Text:Periodic Inventory System Perpetual Inventory System
Gross Profit
Periodic
Sales
COGAS
Less Ending Inventory
COGS
Gross Profit
Sales
COGAS
Less Ending Inventory
COGS
Gross Profit
$
$
$
$
a. Average Cost
0 x $
248,760
22,804.8
225,955.2
0 x $
Gross Profit
Perpetual
d. Moving Average
0 x $
248,760
266,952
(18,192)
0 x $
b. FIFO
e. FIFO
0 x $
248,760
9,360
251,052
Gross Profit
0 x $
0 x $
248,760
0
248,760
0 x $
C. LIFO
f. LIFO
0x
248,760
22,500
237,660
0 x
0 x
248,760
0
248,760
0 x
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