Question
Glassworks Ltd. uses the periodic inventory system . Calculate Glassworks cost of goods sold, gross margin, and ending inventory for the month of July using
Glassworks Ltd. uses the periodic inventory system. Calculate Glassworks cost of goods sold, gross margin, and ending inventory for the month of July using weighted average. All of the units sold were priced at $20 per unit.
| Units | Cost/Unit | Amount | ||||||
|---|---|---|---|---|---|---|---|---|
| July 1 | Beginning inventory | 4,000 | $12.00 | $48,000 | ||||
| 4 | Purchase | 6,000 | $12.50 | 75,000 | ||||
| 8 | Sale | 6,590 | ||||||
| 14 | Sale | 1,410 | ||||||
| 22 | Purchase | 5,000 | $12.75 | 63,750 | ||||
| 28 | Sale | 2,960 |
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1st Edition
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