Question
The following data are available for the month of April for Dubai Company. The physical count at the end of the month showed that 130
The following data are available for the month of April for Dubai Company. The physical count at the end of the month showed that 130 are still available in the store.
Date | No. of Units / cost per unit | Total cost |
April 1 inventory | 120 units at $8.00 each | $ 960 |
April 10 purchase | 200 units at $8.20 each | $ 1640 |
April 20 purchase | 410 units at $8.50 each | $ 3485 |
April 28 purchase | 110 units at $9.00 each | $ 990 |
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Required:
1.Calculate the number of units sold during the month of April. Calculate the sales revenues of April assuming a selling price of $15 a unit.
2.Calculate cost of goods sold & cost of ending inventories assuming the FIFO method is used.
3.a. Calculate the gross profit for the month of April assuming FIFO is used.
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