1.

Muir Goods had the following purchases during the month of March:

March 1st: Beginning inventory of 20 units at $5 per unit for a total of $100

March 10th: Purchased 30 units at $6 per unit for a total of $180

March 20th: Purchased 50 units at $7 per unit for a total of $350

On March 25th the company sold 40 units at $12 per unit.

Muir Goods uses the weighted-average method to calculate COGS. What is the company's gross profit for March?

Group of answer choices

$228

$252

$378

$473.70

$240

2.

Sophia's Sugar Spot sells bags of candy. The following chart includes the purchases and sales for the company in March.

Assuming Sophia's Sugar Spot uses the FIFO method, what is the company's cost of goods sold amount for March?

Date	Activity
March 1	Beginning inventory of 8 bags at $10 a bag
March 2	Purchased 10 bags at $9 a bag for a total of $90
March 18	Purchased 14 bags at $9.50 a bag for a total of $133
March 20	Purchased 8 bags at $8 a bag for a total of $64
March 23	Sold 20 bags at $11 a bag
March 30	Sold 8 bags at $12 a bag

3.

How are retained earnings impacted by the following two transactions (at the point of the transaction):

Transaction 1: Sold 10 shoes on account for $20 @ per shoe. The company uses the FIFO method. The inventory the company had on hand was as follows: Beg. Invt: 15 shoes at $5; Next purchase 8 shoes at $8; Next purchase 10 shoes at $9

Impact on retained earnings: $

Transaction 2: Recorded $5 of bad debt related to the sale above.

Impact on retained earnings: $

Note on the formatting:

If the account decrease put a - in front of your number and if it increases by a + in front of your number. No spaces or $.

For example: If retained earnings increases put: +1,000 if it decreases put: -1,000