Question
The Windy Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 295 units @ $ 83/unit Feb.
The Windy Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
| Beginning Inventory | 295 | units | @ | $ | 83/unit | ||||
| Feb. | 10 | purchased | 210 | units | @ | $ | 87/unit | ||
| Feb. | 20 | sold | 375 | units | @ | $ | 163/unit | ||
| Mar. | 13 | purchased | 277 | units | @ | $ | 81/unit | ||
| Sept. | 5 | purchased | 260 | units | @ | $ | 67/unit | ||
| Oct. | 10 | sold | 515 | units | @ | $ | 163/unit | ||
The Windy Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.)
Ending inventory/COGS
a.FIFO
b.Moving weighted average
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)
FIFO/Moving Weighted Average
a.COGS
b.Sales
c. Gross profit
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
