Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retall Jan. 1 Beginning inventory.. 40 units @ $2 =$ 80 Jan. 3 Sales.... 30 units @ $8 Feb. 14 Purchase.. 70 units @ $3= $210 Feb. 15 Sales.. 60 units @ $8 June 30 Purchase. 90 units @ $4 = $360 Nov. 6 Sales.. 86 units @ $8 Nov. 19 Purchase.. 20 units @ $5 = $100 %3D Totals 220 units $750 176 units
Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retall Jan. 1 Beginning inventory.. 40 units @ $2 =$ 80 Jan. 3 Sales.... 30 units @ $8 Feb. 14 Purchase.. 70 units @ $3= $210 Feb. 15 Sales.. 60 units @ $8 June 30 Purchase. 90 units @ $4 = $360 Nov. 6 Sales.. 86 units @ $8 Nov. 19 Purchase.. 20 units @ $5 = $100 %3D Totals 220 units $750 176 units
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to
cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross margin for each method.
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