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Maria Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Maria 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. Maria Company uses the perpetual inventory system.
Purchases | Sales | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Units | Unit Cost | Units | Selling Price/Unit | |||||||||||||
3/1 | Beginning inventory | 105 | $42 | |||||||||||||
3/3 | Purchase | 55 | $48 | |||||||||||||
3/4 | Sales | 60 | $75 | |||||||||||||
3/10 | Purchase | 195 | $50 | |||||||||||||
3/16 | Sales | 90 | $90 | |||||||||||||
3/19 | Sales | 75 | $90 | |||||||||||||
3/25 | Sales | 65 | $85 | |||||||||||||
3/30 | Purchase | 35 | $60 |
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold | $enter Cost of goods sold in dollars |
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