Use the following information to answer the next two questions. ABC Company's beginning inventory on January 1, 2022 consisted of 1,000 units costing $1.50 per unit. ABC's inventory records for 2022 revealed the following: Quantity Cost 2,500 $3,750 $17,350 $19,850 $12,250 January 25 February 15 March 21 $20,750 April 5 April 20 May 20 July 22 September 10 October 14 $22,600 4,000 8,000 3,000 7,500 1,500 4,500 3,200 9,600 Quantity Sales November 10 2,100 8,925 Sales during the period consisted of 8,200 units, made at a selling price of $4.25 per unit. 800 $3,400 Assuming the use of the perpetual first-in, first-out inventory costing method, the ending inventory would be: 1,500 6,375 2,500 10,625 1,300 5,525
Use the following information to answer the next two questions. ABC Company's beginning inventory on January 1, 2022 consisted of 1,000 units costing $1.50 per unit. ABC's inventory records for 2022 revealed the following: Quantity Cost 2,500 $3,750 $17,350 $19,850 $12,250 January 25 February 15 March 21 $20,750 April 5 April 20 May 20 July 22 September 10 October 14 $22,600 4,000 8,000 3,000 7,500 1,500 4,500 3,200 9,600 Quantity Sales November 10 2,100 8,925 Sales during the period consisted of 8,200 units, made at a selling price of $4.25 per unit. 800 $3,400 Assuming the use of the perpetual first-in, first-out inventory costing method, the ending inventory would be: 1,500 6,375 2,500 10,625 1,300 5,525
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Assuming the use of the perpetual last-in, first-out inventory costing method, gross profit would be:
$14,200
$22,600
$20,700
$12,250
$17,500
Transcribed Image Text:Use the following information to answer the next two questions.
ABC Company's beginning inventory on January 1, 2022 consisted of 1,000 units costing $1.50 per
unit. ABC's inventory records for 2022 revealed the following:
Quantity
Cost
2,500 $3,750
$17,350
$19,850
$12,250
January 25
February 15
March 21
$20,750
April 5
April 20
May 20
July 22
September 10
October 14
$22,600
4,000 8,000
3,000 7,500
1,500
4,500
3,200 9,600
Quantity Sales
November 10
2,100 8,925
Sales during the period consisted of 8,200 units, made at a selling price of $4.25 per unit.
800 $3,400
Assuming the use of the perpetual first-in, first-out inventory costing method, the ending inventory
would be:
1,500 6,375
2,500 10,625
1,300 5,525
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