The following information relates to Toolworks Ltd's inventory transactions during the month of October. Units Cost/Unit...
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The following information relates to Toolworks Ltd's inventory transactions during the month of October. Units Cost/Unit Amount Oct. 1 Beginning inventory 2,500 $12.90 $32,250 Sale 340 11 Purchase 1,190 $13.40 $15,946 13 Purchase 490 $12.90 $6,321 15 Sale 1,510 29 Purchase 2,490 $11.30 $28,137 31 Sale 3,490 All of the units sold on October 5 were priced at $23.00 per unit. All of the units sold on October 15 and 31 were priced at $35.00 per unit. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO. Cost of Goods Sold $ Gross Margin $ Ending Inventory $ eTextbook and Media Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin $ Ending Inventory %24 %24 %24 %24 The following information relates to Toolworks Ltd's inventory transactions during the month of October. Units Cost/Unit Amount Oct. 1 Beginning inventory 2,500 $12.90 $32,250 Sale 340 11 Purchase 1,190 $13.40 $15,946 13 Purchase 490 $12.90 $6,321 15 Sale 1,510 29 Purchase 2,490 $11.30 $28,137 31 Sale 3,490 All of the units sold on October 5 were priced at $23.00 per unit. All of the units sold on October 15 and 31 were priced at $35.00 per unit. Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October using FIFO. Cost of Goods Sold $ Gross Margin $ Ending Inventory $ eTextbook and Media Toolworks Ltd. uses the perpetual inventory system. Calculate Toolworks' cost of goods sold, gross margin, and ending inventory for the month of October weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin $ Ending Inventory %24 %24 %24 %24
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Answer rating: 100% (QA)
Units per unit Total Oct05 340 2300 7820 Oct15 1510 3500 52850 Oct31 3490 3500 122150 Total Sales 53... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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