Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 March 12 July 19

image text in transcribed

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 March 12 July 19 September 2 Fish Tanks Available for Sale: Beginning Inventory Purchase Purchase Purchase 44 units @ $38.00 90 units $36.50 135 units $39.70 65 units @ $41.75 Cost of Tanks Available for Sale: (a) How many fish tanks did the aquarium have available for sale? fish tanks (b) Calculate the total cost (In $) of the tanks available for sale $ (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. (d) Calculate the value of the 38 tanks by using LIFO (In $). $ (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $ A particular gym maintains a gross margin of 55% on all its weight training products. In April, the gym had a beginning inventory of $144,000, net purchases of $202,000, and net sales of $436,000. Use the gross profit method to estimate the cost (in $) of ending Inventory. $

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_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students explore these related Accounting questions

Question

How to solve maths problems with examples

Answered: 3 weeks ago