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I'm submitting a blank copy. I want to compare my answers to what you will have. And trigger down where I am confused, or wrong.
I'm submitting a blank copy. I want to compare my answers to what you will have. And trigger down where I am confused, or wrong. Thank you!
PA1. @ 10.1 When prices are rising (inflation), which costing method would produce the highest value for gross margin? Choose between first-in, first-out (FIFO); last-in, first-out (LIFO); and weighted average (AVG). Evansville Company had the following transactions for the month. Number of Units Cost per Unit Purchase $6,000 Purchase 7,000 Purchase 7,500 Calculate the gross margin for each of the following cost allocation methods, assuming A62 sold just one unit of these goods for $10,000. Provide your calculations, A first-in, first-out (FIFO) B. last-in, first-out (LIFO) C weighted average (AVG) A. First In, First Out Sales Revenue Cost of Goods Sold Gross Margin B. Last In, First Out Sales Revenue |- Cost of Goods Sold Gross Margin $ $ $ C. Weighted Average Sales Revenue - Cost of Goods sold Gross Margin $ $ $ PA2. I 10.2 Trini Company had the following transactions for the month. Number of Units Cost per Unit Total Beginning inventory 1,050 $22 $ 23,100 Purchased May 31 1,020 23 23,460 Purchased Jul. 15 1,300 26 33,800 Purchased Nov. 1 1,200 32,400 Totals (goods available) 4,570 112,760 Ending inventory 900 Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic Inventory updating. Provide your calculations, A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG) A. First In, First Out Number of Units Dollar Per Unit Value Total Value Ending Inventory B. Lastin, First Out Number of Units Dollar Per Unit Value Total Value Ending Inventory C. Weighted Average Number of Units Dollar Per Unit Value Total Value Ending Inventory
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