Question
The following information relates to Good Kitchen Ltd.s inventory transactions during the month of March. Units Cost/Unit Amount Mar. 1 Beginning inventory 6,300 $18.00 $113,400
The following information relates to Good Kitchen Ltd.s inventory transactions during the month of March.
| Units | Cost/Unit | Amount | ||||||
|---|---|---|---|---|---|---|---|---|
| Mar. 1 | Beginning inventory | 6,300 | $18.00 | $113,400 | ||||
| 7 | Sale | 3,800 | ||||||
| 12 | Purchase | 2,800 | $20.00 | $56,000 | ||||
| 16 | Purchase | 900 | $20.00 | $18,000 | ||||
| 18 | Sale | 2,800 | ||||||
| 27 | Purchase | 3,700 | $25.00 | $92,500 | ||||
| 29 | Sale | 4,000 |
All of the units sold were priced at $68.00 per unit.
What are the COGS, Gross Margin, and Ending Inventory in FIFO and the average weighted approaches.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Business Accounting Uk Gaap Volume 2
Authors: Alan Sangster, Frank Wood
1st Edition
0273718800, 9780273718802
