Question
Consider the following inventory data for the first two months of the year for Fast Snacks International: Date Total Units Unit Cost Beginning inventory hand
Consider the following inventory data for the first two months of the year for Fast Snacks International:
| Date |
| Total Units |
| Unit Cost |
Beginning inventory hand | 1-Jan |
| 60,000 |
| $2.05 |
Purchases during month: | 5-Jan |
| 103,600 |
| $2.10 |
| 20-Jan |
| 293,900 |
| $2.15 |
|
|
|
|
|
|
Sales of Inventory: | 25-Jan |
| 383,500 |
|
|
|
|
|
|
|
|
Purchases during month: | 8-Feb |
| 282,700 |
| $2.25 |
| 23-Feb |
| 156,700 |
| $2.60 |
|
|
|
|
|
|
Sales of Inventory: | 27-Feb |
| 405,600 |
|
|
|
|
|
|
|
|
- Assume all sales occur at a sales price of $6 per unit.
Calculate cost of goods sold, ending inventory, and gross profit for January and February under the FIFO costing method, assuming use of a perpetual inventory management system
A. Cost of Goods Sold.
B. Ending Inventory.
C. Gross Profit.
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