Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin fc methods and using perpetual inventory updating. Provide calculations for w answers

image text in transcribed
image text in transcribed
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin fc methods and using perpetual inventory updating. Provide calculations for w answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning Inventory 260 $110 Sold 160 $150 Purchased 500 113 Sold 400 152 Purchased 400 120 Sold 370 184 Ending Inventory 230 Cost of Goode Purchased Unit Cost Total Cost AVG (perpetual) Inventory Cost of Goods Sold units Unit Cost units Total Cost Beginning Sale Com of Inventory Romaining units Unit Cost Total Cost X X X x x 160 110 X X Purchase 500 113 56,500 400 X 113 X Sale X 0 0 0 X X X 400 120 48,000 Purchase Sale 370 x X 118 x x 104,500 Total Purchases Total COGS Gross Margin, AVG perpetual Sales X X COGS X Gross Margin

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Accounting Volume 1 Financial Accounting

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

1st Edition

1593995946, 978-1593995942

More Books

Students also viewed these Accounting questions