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Pier3 Corporations 2023 inventory purchases and sales are as follows: Purchases: Beginning Inventory 50 units @ $100 per unit Purchase 1 on 2/1/23 25 units
Pier3 Corporations 2023 inventory purchases and sales are as follows:
Purchases: | ||
Beginning Inventory | 50 units @ $100 per unit | |
Purchase 1 on 2/1/23 | 25 units @ $105 per unit | |
Purchase 2 on 6/15/23 | 25 units @ $110 per unit | |
Sales: | ||
Sale 1 on 3/12/23 | 40 units @ $400 per unit | |
Sale 2 on 10/15/23 | 30 units @ $410 per unit | |
Compute Ending Inventory, Sales, COGS, and Gross Margin under each of the inventory cost flow assumptions and fill in your answers on the table below. Pier3 uses PERIODIC inventory tracking.
FIFO | Weighted Average | LIFO | |
Ending Inventory | |||
Sales | |||
Cost of Goods Sold | |||
Gross Margin |
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