Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 10 Flounder Company sells many products. Gizmo is one Company uses the perpetual inventory system. its popular items. Below is an analysis of the

image text in transcribed
image text in transcribed
image text in transcribed
Question 10 Flounder Company sells many products. Gizmo is one Company uses the perpetual inventory system. its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Flounder Sales Selling Price/Unit Purchases Units Unit Cost 140 $55 84 $60 Units 84 $120 280 $65 3/1 Beginning inventory 3/3 Purchase 3/4 Sales 3/10 Purchase 3/16 Sales 3/19 Sales 3/25 Sales 3/30 Purchase 126 $130 $130 98 29 $130 56 $75 Using the FIFO assumption, calculate the an charged to cost of goods sold for March Cost of goods sold Using the FIFO assumption, calculate the value of ending inventory for March Ending Inventory LINK TO TEXT Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Round average cost per unit to 3 decimal places, c.0.5.25 and final answer to 2 decimal places, e.g. 2,520.56.) Amount assigned to the inventory LINK TO TEXT Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31, Amount assigned to the inventory Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Accounting Volume 23

Authors: Philip M J Reckers

1st Edition

0762314257, 9780762314256

More Books

Students also viewed these Accounting questions