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D Company, a car dealer, reported the following March purchases and sales of car batteries. The company uses the perpetual inventory system. Date Purchased Units
D Company, a car dealer, reported the following March purchases and sales of car batteries.
The company uses the perpetual inventory system.
Date | Purchased | Units Sold | |||
March | No Units | Unit Cost | No Units | Unit Cost | |
1 | Beginning Inventory | 15 | 3,000 | ||
10 | Sales | 9 | 5,000 | ||
20 | Purchases | 22 | 3,500 | ||
25 | Sales | 18 | 6,000 | ||
30 | Purchases | 9 | 3,750 | ||
Total | 46 | 27 | |||
The ending inventory for specific identification follows: | Units | ||||
March 30 purchases | 8 | ||||
March 20 purchases | 10 | ||||
March 1 | 1 |
Determine the following for the month of March using, specific identification, weighted average, and FIFO.
1. Cost of ending inventory
2. Cost of Goods Sold
3. Gross profit
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