Question
what is the solution to all parts Refer to the information in Exercise 6-7 and assume the periodic inventory system is used. Determine the costs
what is the solution to all parts
Refer to the information in Exercise 6-7 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Then (c) compute the gross margin for each method
date activities units acquired at cost units sold at retail
jan 1 beginning inventory 200 units @ $10 = 2,000
jan 10 sales 150 units @ $40
Mar 14 purchase 350 units @ $15 = 5,250
mar 15 sales 300 units @ $40
July 30 purchase 450 units @ $20 = 9,000
oct 5 sales 430 units @ $40
oct 26 purchase 100 units @ $25 = 2,500
totals 1,100 units $18,750 880 units
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