Question
The following information relates to Hogs Back Falls Ltd.s inventory transactions during the month of February. Units Cost/Unit Amount Feb. 1 Beginning inventory 7,500 $
The following information relates to Hogs Back Falls Ltd.s inventory transactions during the month of February.
| Units | Cost/Unit | Amount | ||||||
| Feb. 1 | Beginning inventory | 7,500 | $ 23.00 | $ 172,500 | ||||
| 10 | Sale | 6,500 | ||||||
| 14 | Purchase | 4,000 | $ 24.00 | $ 96,000 | ||||
| 18 | Purchase | 500 | $ 28.00 | $ 14,000 | ||||
| 25 | Sale | 4,300 | ||||||
| 26 | Purchase | 4,200 | $ 33.00 | $ 138,600 | ||||
| 28 | Sale | 3,200 |
All of the units sold were priced at $ 92.00 per unit.
(a1)
Hogs Back Falls Ltd. uses the perpetual inventory system. Calculate Hogs Backs cost of goods sold, gross margin, and ending inventory for the month of February using FIFO.
| Cost of Goods Sold | $ | |
| Gross Margin | $ | |
| Ending Inventory | $ |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
