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(5 points) The following pertain to the cost of Hs only inventory item: Inventory on hand, January 1 250 units @ $45 per unit Purchases,
- (5 points) The following pertain to the cost of Hs only inventory item:
- Inventory on hand, January 1 250 units @ $45 per unit
- Purchases, January 8 200 units @ $85 per unit
- Purchases, January 12 850 units @ $89 per unit
- Purchases, January 19 500 units @ $88 per unit
- Purchases, January 20 400 units @ $87 per unit
- Purchases, January 26 600 units @ $90 per unit
2,800
- Sales, January 5 75 units @ $200 per unit
- Sales, January 9 150 units @ $200 per unit
- Sales, January 13 900 units @ $200 per unit
- Sales, January 17 100 units @ $200 per unit
- Sales, January 22 350 units @ $200 per unit
- Sales, January 30 940 units @ $200 per unit
2,515 (2,515 x $200 = $503,000)
Calculate COGS AND GP for January AND EI as of 01-31 under the following assumption:
- H uses perpetual LIFO
EI:
COGS:
Gross profit:
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