The following information relates to Splish Brothers Ltd.'s inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) *Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.. 61,052.50.) Cost of Goods Sold Gross Margin Ending Inventory

The following information relates to Splish Brothers Ltd.'s inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) *Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.. 61,052.50.) Cost of Goods Sold Gross Margin Ending Inventory

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Description: The following information relates to Splish Brothers Ltd.'s inventory transactions during the month of August.UnitsCost/UnitAmountAugust 1 Beginning inventory15$1,650 $24,7506Purchase35$1,32046,2008Sale516Purchase10$1,65016,50020Sale402626Purchase5$

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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