Required information [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210 items at $89 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 Ending inventory Purchased Sold Sold Purchased Sold Description 190 items@ $99 115 items @ $193 205 items @ $193 140 items@ $104 105 items @ $198 Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.
Required information [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210 items at $89 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 Ending inventory Purchased Sold Sold Purchased Sold Description 190 items@ $99 115 items @ $193 205 items @ $193 140 items@ $104 105 items @ $198 Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210
items at $89 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
Ending inventory
Purchased
Sold
Sold
Purchased
Sold
Description
190 items@ $99
115 items @ $193
205 items @ $193
140 items @ $104
105 items @ $198
c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb76579ad-faff-4bf7-92eb-956a324b8de5%2F71330ea3-5b9f-4ff8-b277-210b88369afb%2Frsficpq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210
items at $89 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
Ending inventory
Purchased
Sold
Sold
Purchased
Sold
Description
190 items@ $99
115 items @ $193
205 items @ $193
140 items @ $104
105 items @ $198
c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet.
![Required information
[The following information applies to the questions displayed below.]
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210
items at $89 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
Sales
Cost of goods sold
Gross margin
wwwwwww
Transaction
Purchased
Sold
Sold
Purchased
Sold
b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement.
$
Description
190 items@ $99
115 items @ $193
205 items @ $193
140 items @ $104
105 items @ $198
82,550](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb76579ad-faff-4bf7-92eb-956a324b8de5%2F71330ea3-5b9f-4ff8-b277-210b88369afb%2F789a33s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210
items at $89 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
Sales
Cost of goods sold
Gross margin
wwwwwww
Transaction
Purchased
Sold
Sold
Purchased
Sold
b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement.
$
Description
190 items@ $99
115 items @ $193
205 items @ $193
140 items @ $104
105 items @ $198
82,550
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