Required information [The following informetion applies to the questions dlsplayed below) Gissgow Corporation hes the following Inventory transactions during the year. Unit Date Jan. 1 Bagining inventary Apr. 7 Purchase Jul.16 Purchase Nunber of nits Cast $ 48 sa Transaction Tatal Cost $ 2,688 6,880 18,918 6,264 S6 136 206 116 53 Oct. 6 Purchase 54 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 esch. Required: 1. Uaing FIFO, calculste ending Inventory. cost of goods sold, sales revenue, and gross profit. Coct of Goods Avallable for Bale Cost of FIFO Coct of Goods Bold Ending Inventory Goods Avalable Cost of Goods of unts Cost Ending per unit Inventory Coct of unts Cost per of units unit per unit Bold for Bale Boginning Inventory Purchases: Apr. 7 Ju.16 Oct6 Total Sales revenue Gross proft ulun
Required information [The following informetion applies to the questions dlsplayed below) Gissgow Corporation hes the following Inventory transactions during the year. Unit Date Jan. 1 Bagining inventary Apr. 7 Purchase Jul.16 Purchase Nunber of nits Cast $ 48 sa Transaction Tatal Cost $ 2,688 6,880 18,918 6,264 S6 136 206 116 53 Oct. 6 Purchase 54 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 esch. Required: 1. Uaing FIFO, calculste ending Inventory. cost of goods sold, sales revenue, and gross profit. Coct of Goods Avallable for Bale Cost of FIFO Coct of Goods Bold Ending Inventory Goods Avalable Cost of Goods of unts Cost Ending per unit Inventory Coct of unts Cost per of units unit per unit Bold for Bale Boginning Inventory Purchases: Apr. 7 Ju.16 Oct6 Total Sales revenue Gross proft ulun
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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![Required information
[The following Informetion applies to the questions displeyed below]
Gissgow Corporation hes the following inventory transactions during the year.
Unit
Date
Transaction
Nunber of Units Cost
Total Cost
$ 48
Jan. 1 Boginning inventory
Apr. 7 Purchase
Jul.16 Purchase
$ 2,688
6,800
10,018
6,264
56
136
sa
206
53
Oct. 6 Purchase
115
54
514
$26,60
For the entire year, the company sells 442 units of Inventory for $66 each.
Requlred:
1. Uaing FIFO, calculste ending inventory, cost of goods sold, sales revenue, and gross profit.
FIFO
Coct of Goods Avallable for Bale
Coct of Goods Bold
Ending Inventory
Cost of
Goods
Avallable
for Bale
Cost of
Goods
Bold
of units Coct per
unit
Cost
per unit
of units
= of units
Cost
Ending
per unit Inventory
of
of
Beginning Inventory
Purchases:
Apr. 7
Ju.16
Oct6
of
Total
Sales revenue
Gross profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3df5b63-8420-4e4f-b302-e11e0dfef4c4%2Fb1953008-ba23-4342-9cb1-f0bb1470351b%2Fkiit3co_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following Informetion applies to the questions displeyed below]
Gissgow Corporation hes the following inventory transactions during the year.
Unit
Date
Transaction
Nunber of Units Cost
Total Cost
$ 48
Jan. 1 Boginning inventory
Apr. 7 Purchase
Jul.16 Purchase
$ 2,688
6,800
10,018
6,264
56
136
sa
206
53
Oct. 6 Purchase
115
54
514
$26,60
For the entire year, the company sells 442 units of Inventory for $66 each.
Requlred:
1. Uaing FIFO, calculste ending inventory, cost of goods sold, sales revenue, and gross profit.
FIFO
Coct of Goods Avallable for Bale
Coct of Goods Bold
Ending Inventory
Cost of
Goods
Avallable
for Bale
Cost of
Goods
Bold
of units Coct per
unit
Cost
per unit
of units
= of units
Cost
Ending
per unit Inventory
of
of
Beginning Inventory
Purchases:
Apr. 7
Ju.16
Oct6
of
Total
Sales revenue
Gross profit
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