Answered step by step
Verified Expert Solution
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
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
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started