Question
Martinez Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Martinez 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. Martinez Company uses the perpetual inventory system.
| Purchases | Sales | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Unit Cost | Units | Selling Price/Unit | |||||||||||||
| 3/1 | Beginning inventory | 170 | $55 | |||||||||||||
| 3/3 | Purchase | 102 | $60 | |||||||||||||
| 3/4 | Sales | 102 | $120 | |||||||||||||
| 3/10 | Purchase | 340 | $65 | |||||||||||||
| 3/16 | Sales | 153 | $130 | |||||||||||||
| 3/19 | Sales | 119 | $130 | |||||||||||||
| 3/25 | Sales | 85 | $130 | |||||||||||||
| 3/30 | Purchase | 68 | $75 | |||||||||||||
(d)
Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
| Amount assigned to the inventory | $ |
Please show your work if you don't mind. Thank you!
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
