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The following information relates to Glassworks Ltd.s inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 3,700 $12.00 $44,400 4
The following information relates to Glassworks Ltd.s inventory transactions during the month of July.
Units | Cost/Unit | Amount | ||||||
July 1 | Beginning inventory | 3,700 | $12.00 | $44,400 | ||||
4 | Purchase | 6,300 | $13.00 | 81,900 | ||||
8 | Sale | 6,000 | ||||||
14 | Sale | 1,400 | ||||||
22 | Purchase | 4,980 | $12.80 | 63,744 | ||||
28 | Sale | 3,660 |
All of the units sold were priced at $18 per unit.
Glassworks Ltd. uses the perpetual inventory system. Calculate Glassworks cost of goods sold, gross margin, and ending inventory for the month of July using: i. FIFO ii. weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 0 decimal places, e.g. 61,052.)
Cost of Goods Sold | Gross Margin | Ending Inventory | ||||||
i. | FIFO | $ | $ | $ | ||||
ii. | Weighted-average | $ | $ | $ |
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