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The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. August 1 6 8 16 20 Beginning inventory Purchase Sale Purchase Sale Units 15 35 5 10 40 Cost/Unit Amount $1,650 $24,750 $1,320 46,200 $1,650 16,500

The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. August 1 6 8 16 20 Beginning inventory Purchase Sale Purchase Sale Units 15 35 5 10 40 Cost/Unit Amount $1,650 $24,750 $1,320 46,200 $1,650 16,500

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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The following information relates to Splish Brothers Ltd,'s inventory transactions during the month of August. August 1 6 (a) 8 16 20 26 30 Beginning inventory Purchase Sale Purchase Sale Purchase Sale * Your answer is incorrect. FIFO Units 15 35 5 10 All of the units sold were priced at $3,300 per unit. Weighted- average 40 LA 5 10 Cost/Unit Amount $1,650 $24,750 $1,320 46,200 $1,650 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: $1,453 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.g. 61,052.50.) Cost of Goods Sold 79865 0 O 1A 16,500 $ tA 7,265 Gross Margin 101635 0 O LA $ LA Ending Inventory 1485
Transcribed Image Text:The following information relates to Splish Brothers Ltd,'s inventory transactions during the month of August. August 1 6 (a) 8 16 20 26 30 Beginning inventory Purchase Sale Purchase Sale Purchase Sale * Your answer is incorrect. FIFO Units 15 35 5 10 All of the units sold were priced at $3,300 per unit. Weighted- average 40 LA 5 10 Cost/Unit Amount $1,650 $24,750 $1,320 46,200 $1,650 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: $1,453 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.g. 61,052.50.) Cost of Goods Sold 79865 0 O 1A 16,500 $ tA 7,265 Gross Margin 101635 0 O LA $ LA Ending Inventory 1485
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