Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method. Apr.1 Beginning Inventory 60 units @ $22 = $1,320 Apr. 12 Purchase 1 30 units @ $23 = $690 Apr. 18 Sale 1 15 units Apr. 20 Purchase 2 15 units @ $25 = $375 Apr. 29 Sale 2 50 units Using the FIFO inventory method, what is the Gross Margin for December?
Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method. Apr.1 Beginning Inventory 60 units @ $22 = $1,320 Apr. 12 Purchase 1 30 units @ $23 = $690 Apr. 18 Sale 1 15 units Apr. 20 Purchase 2 15 units @ $25 = $375 Apr. 29 Sale 2 50 units Using the FIFO inventory method, what is the Gross Margin for December?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method.
Apr.1 | Beginning Inventory | 60 units @ $22 = $1,320 |
Apr. 12 | Purchase 1 | 30 units @ $23 = $690 |
Apr. 18 | Sale 1 | 15 units |
Apr. 20 | Purchase 2 | 15 units @ $25 = $375 |
Apr. 29 | Sale 2 | 50 units |
Using the FIFO inventory method, what is the Gross Margin for December?
Show your calculations |
Blank 1. Fill in the blank, read surrounding text. |
Gross Margin for December | Blank 2. Fill in the blank, read surrounding text. |
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