Hi,

Can you check the answers for Periodic and Perpetual style?

I have the answer key, however, in the Sales Revenue, in the answer key, they wrote the units sold is 9,000 not 11,000 so I want to make sure the textbook gave the wrong answer.

Thanks

Classwork Perpetual Inventory System Total Purchased Units per Unit Cost FIFO Sold Units Units 4000 1200 0 0 48.00 220.00 6000 12.50 75,600| 000 1,500 the 5,000 12.75 63.750 12.45 136,950 | 4.600 16,000 000 12,00 12.50 12.75 48,000 11.000 15,000 3.750 12.45 14650 000 Total ISMOD Sales revenue (620 sch) Cost of goods sold Gross Margin Ending inventory Fb 150 220,000 186,750 1345 220.000 136.950 33.050 L.om 12.15 Slom 1.000 12.45 14.500 Problem 6-3B Perpetual Inventory System Purchased per Unit FIFO Cent 1 Units Units Units 4000 12.00 41, 12.00 48.000 6000 0 12.50 12 75.00 21. Beginning 4,000 | 6,000 12.50 15,ood 12.30 13.800 $pool 4, be C 2.000 12.5 1.500 1,500 129 4.600 400 Lo 25,000 130 So 12.50 18,450 25oo soos 12.3 2 10.50 , 0 5.Des 1235 63750 12.60 44,100 70 12.6 to 3,000 2,500 1,000 12.50 31,250 1500 12.75 12,150 1.500 Total 15.000 s. 10. 11.00 220,000 15.50 ) Sales revenue ( 20 Cost of goods sold Gross Margin 2.2c, co 1,150 53.650 50 400 s.roo 4.000 12.60 4,000 12.75 Ending inventory Required: If your instructor has assigned the Appendix to this chapter, redo Problem AP7-3 assuming that the company uses a periodic inventory system. AP7-5 (Calculation of ending inventory and cost of goods sold-perpetual system) The following information relates to Glassworks Ltd.'s inventory transactions during the month of July. Amount July 1 Units 4,000 6,000 6,000 1,500 Cost/Unit $12.00 $12.50 Beginning inventory Purchase Sale Sale Purchase Sale $48,000 75,000 $12.75 63,750 5,000 3,500 All of the units sold were priced at $20 per unit. Required: a. Classworks Ltd. uses the perpetual inventory system. Calculate Glassworks' cost of goods sold, gross margin, and ending inventory for the month of July using i. FIFO ii. weighted average b. Which of the cost flow assumptions would produce the higher gross margin