Question
Wong's Trading Cards, Inc, had the following purchases in the month of April. Wong's Trading Card Inventory Purchases Date Activity Number of Units Cost per
Wong's Trading Cards, Inc, had the following purchases in the month of April.
| Date | Activity | Number of Units | Cost per Unit | Total Cost |
|---|---|---|---|---|
| 04/01 | Purchase | 2,000 | $10 | $20,000 |
| 04/10 | Purchase | 3,000 | $12 | $36,000 |
| 04/22 | Purchase | 1,500 | $16 | 24,000 |
On April 30, Wong sells 6,000 units for $20 unit.
What is Wong's Gross Profit using the FIFO method of Inventory Valuation?
What is Wong's Gross Margin Ratio using the FIFO method of Inventory Valuation? (round to two decimal places and include the % sign)
What is Wong's Gross Profit using the LIFO method of Inventory Valuation?
What is Wong's Gross Margin Ratio using the LIFO method of Inventory Valuation? (round to two decimal places and include the % sign)
[37.5]
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
IFRS edition volume 2
978-0470613474, 470613475, 978-0470616314
