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Q1: Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system. Units 3/1 Purchases Unit Cost Beginning inventory Sales Selling Price/Unit $55 Units 100 3/3 Purchase 60 $60 3/4 Sales 60 $120 $65 3/10 Purchase 200 3/16 Sales 90 $130 Sales $130 $130 3/19 70 3/25 Sales 50 3/30 Purchase 40 $75 Instructions Using the FIFO assumption, calculate the amount charged to computations) (а) cost of goods sold for March. (Show (b) Using the FIFO assumption, calculate the value of ending inventory for March. Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (d) (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)

Q1: Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system. Units 3/1 Purchases Unit Cost Beginning inventory Sales Selling Price/Unit $55 Units 100 3/3 Purchase 60 $60 3/4 Sales 60 $120 $65 3/10 Purchase 200 3/16 Sales 90 $130 Sales $130 $130 3/19 70 3/25 Sales 50 3/30 Purchase 40 $75 Instructions Using the FIFO assumption, calculate the amount charged to computations) (а) cost of goods sold for March. (Show (b) Using the FIFO assumption, calculate the value of ending inventory for March. Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (d) (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)

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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11:07 1 AA A Ims.yu.edu.sa Ch 6 in-class assignment (WEEK 6) Name: Student Number: Q1: Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system. Purchases Units Beginning inventory Purchase Sales Units Unit Cost Selling Price/Unit 3/1 100 $55 3/3 60 $60 $120 $65 $130 3/4 Sales 60 3/10 Purchase 200 3/16 Sales 90 3/19 Sales $130 $130 70 3/25 Sales 50 3/30 Purchase 40 $75 Instructions Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (a) (b) Using the FIFO assumption, calculate the value of ending inventory for March. Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (c) (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations) Using the LIFO assumption, calculate the amount charged to cost of goods soe computations) (e) for March, (Show
Transcribed Image Text:11:07 1 AA A Ims.yu.edu.sa Ch 6 in-class assignment (WEEK 6) Name: Student Number: Q1: Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system. Purchases Units Beginning inventory Purchase Sales Units Unit Cost Selling Price/Unit 3/1 100 $55 3/3 60 $60 $120 $65 $130 3/4 Sales 60 3/10 Purchase 200 3/16 Sales 90 3/19 Sales $130 $130 70 3/25 Sales 50 3/30 Purchase 40 $75 Instructions Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (a) (b) Using the FIFO assumption, calculate the value of ending inventory for March. Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (c) (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations) Using the LIFO assumption, calculate the amount charged to cost of goods soe computations) (e) for March, (Show
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