Question

During July 2011, Fulton, Inc., sold 250 units of its product Cozy for $8,000. The following units were available:


A sale of 250 units was made after purchase 3. Of the units sold, 100 came from beginning inventory, and 150 came from purchase 3.
Determine the goods available for sale in units and dollars and the ending inventory in units. Then determine the costs that should be assigned to cost of goods sold and ending inventory under each of the following assumptions:
(1) Costs are assigned under the periodic inventory system using
(a) The specific identification method,
(b) The average-cost method,
(c) The FIFO method,
(d) The LIFO method.
(2) Costs are assigned under the perpetual inventory system using
(a) The average-cost method,
(b) The FIFO method,
(c) The LIFO method. In each case, show the gross margin.


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  • CreatedSeptember 10, 2014
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