Westover Incorporated has the following inventory lots on June 1, 2019. Inventory Lot H12 H13 Date 5/22 5/27 Units 2,000 1,000 Cost/Unit $5.50 $5.75 Total Cost $11,000 $5,750 Westover uses the FIFO cost flow assumption. On June 4, 2019, Westover sells 2,400 units of inventory at a price of $10 per unit. Unless otherwise noted, your answers should be in whole dollar amounts but without a $ sign. 1. What is the cost of goods sold for Westover's June 4 sale? 2. What is the gross profit realized from the June 4 sale? 3. What is the gross profit margin percentage for the June 4 sale? Enter your answer as a percentage, rounded to one decimal point: 4 Assume that Westover purchases 1,500 additional units of inventory at a cost of $5.85 per unit on June 11. What is the carrying value of inventory after that purchase?.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Westover Incorporated has the following inventory lots on June 1, 2019.
Inventory Lot
H12
H13
Date
5/22
5/27
Units
2,000
1,000
Cost/Unit
$5.50
$5.75
Total Cost
$11,000
$5,750
Westover uses the FIFO cost flow assumption. On June 4, 2019, Westover sells 2,400 units of inventory at a price of $10 per unit. Unless
otherwise noted, your answers should be in whole dollar amounts but without a $ sign.
HEA
1. What is the cost of goods sold for Westover's June 4 sale?
2 What is the gross profit realized from the June 4 sale?
3. What is the gross profit margin percentage for the June 4 sale? Enter your answer as a percentage, rounded to one decimal point:
%
4 Assume that Westover purchases 1,500 additional units of inventory at a cost of $5.85 per unit on June 11. What is the carrying value of
inventory after that purchase?
Transcribed Image Text:Westover Incorporated has the following inventory lots on June 1, 2019. Inventory Lot H12 H13 Date 5/22 5/27 Units 2,000 1,000 Cost/Unit $5.50 $5.75 Total Cost $11,000 $5,750 Westover uses the FIFO cost flow assumption. On June 4, 2019, Westover sells 2,400 units of inventory at a price of $10 per unit. Unless otherwise noted, your answers should be in whole dollar amounts but without a $ sign. HEA 1. What is the cost of goods sold for Westover's June 4 sale? 2 What is the gross profit realized from the June 4 sale? 3. What is the gross profit margin percentage for the June 4 sale? Enter your answer as a percentage, rounded to one decimal point: % 4 Assume that Westover purchases 1,500 additional units of inventory at a cost of $5.85 per unit on June 11. What is the carrying value of inventory after that purchase?
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