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Easter Bunny Company uses a periodic inventory costing methodology. The following information is for the month of March for the Easter Bunny Company: Date Description
Easter Bunny Company uses a periodic inventory costing methodology. The following information is for the month of March for the Easter Bunny Company: Date Description Units Cost/Price Total 3/1/2020 Beginning Inventory 5,000 11.00 $ 55,000 3/6/2020 Purchase 5,000 12.00 $ 60,000 3/10/2020 Sale 8,000 20.00 $ 160,000 3/15/2020 Purchase 10,000 12.00 $ 120,000 3/22/2020 Sale 11,000 20.00 $ 220,000 3/25/2020 Purchase 6,000 12.00 $ 72,000 Note: Round percentage to 1 decimal point. 1. What is Easter Bunny Company's Cost of Goods Available for Sale (in dollars)? (You can use the following table for calculations, if it helps.) 2. How many units were sold in March? 3. How many units are in the ending inventory? Assume that Easter Bunny Company uses FIFO inventory costing and maintains a periodic inventory system. Answer the following FOUR Questions: 4. What is the cost of Ending Inventory for March? (You can use the following table for calculations, if it helps.) 5. What is the Cost of Goods Sold using FIFO? 6. What is Easter Bunny Company's Gross Profit under FIFO? 7. What is Easter Bunny Company's Gross Profit Rate under FIFO
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