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Date Inventory Quantity Unit Cost Total Cost Mar. 1 850 $98.00 $83,300 1,275 95.00 121,125 Mar. 8 650 98.00 63,700 Mar. 11 325 98.00 31,850
Date | Inventory | ||
Quantity | Unit Cost | Total Cost | |
Mar. 1 | 850 | $98.00 | $83,300 |
1,275 | 95.00 | 121,125 | |
Mar. 8 | 650 | 98.00 | 63,700 |
Mar. 11 | 325 | 98.00 | 31,850 |
Mar. 14 | 325 | 98.00 | 31,850 |
780 | 103.00 | 80,340 | |
Mar. 22 | 260 | 98.00 | 25,480 |
Mar. 25 | 260 | 98.00 | 25,480 |
1,600 | 99.00 | 158,400 |
Study the inventory record for March and answer the questions that follow.
1. | Assuming that the product sells for $165 and that 70% of sales are on account, determine the gross profit from sales for March. |
2. | Making the same assumptions as in (1), determine the ending inventory cost for March. |
3. | Which inventory method is being used? |
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