Problem 11-5 (IAA) Tragie Company provided the following data for purchases and sales: Sales Purchases Units Unit cost Cost Units Revenue 2018 2019 5,000 9,000 15,000 250,000 540,000 1,125,000 4,000 7,000 12,000 280,000 630,000 1,200,000 50 60 2020 75 Required: Compute the gross income for 2020 assuming a FIFO cost formula.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 11-5 (IAA)
Pro
Tragie Company provided the following data for purchases
and sales:
Sla
rela
Purchases
Unit cost
Sales
Revenue
Ja.
Ag
Units
Cost
Units
250,000
540,000
1,125,000
4,000
7,000
12,000
280,000
630,000
1,200,000
50
2018
2019
2020
5,000
9,000
15,000
75
Required:
Compute the gross income for 2020 assuming a FIFO cost
formula.
Transcribed Image Text:Problem 11-5 (IAA) Pro Tragie Company provided the following data for purchases and sales: Sla rela Purchases Unit cost Sales Revenue Ja. Ag Units Cost Units 250,000 540,000 1,125,000 4,000 7,000 12,000 280,000 630,000 1,200,000 50 2018 2019 2020 5,000 9,000 15,000 75 Required: Compute the gross income for 2020 assuming a FIFO cost formula.
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