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Lisa Supply Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of
Lisa Supply Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Lisa uses the perpetual inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 118 $40 3/3 Purchase 67 $50 3/4 Sales 67 $80 3/10 Purchase 271 $55 3/16 Sales 123 $90 3/19 Sales 84 $90 3/25 Sales 74 $90 3/30 Purchase 54 $60 (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold $
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