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Computer Pro Inc. (CPI) began the month of September with 20 computers; each unit cost $45. Following are a listing of transactions that took place
Computer Pro Inc. (CPI) began the month of September with 20 computers; each unit cost $45. Following are a listing of transactions that took place in the month of September for CPI:
-September 3 - Purchased 40 computers at $50 each
-September 11 - Sold 52 computers at $90 each
-September 17 - Purchased 40 computers at $55 each
-September 23 - Sold 35 computers at $90 each
Required: Calculate Cost of Goods Sold, ending inventory, and gross margin for CPI under the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average.
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