In chronological order, the inventory, purchases, and sales of a single product for a recent month are
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Question:
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows:
Units | Amount per Unit | ||
June 1 | Beginning inventory | 150 | $30 |
4 | Purchase | 400 | 33 |
12 | Purchase | 800 | 36 |
16 | Sale | 1,300 | 60 |
24 | Purchase | 300 | 39 |
Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. Round unit costs to the nearest cent and round the final answers to the nearest dollar.
Average-cost method | |
Ending inventory: | $ |
Cost of goods sold: | $ |
Gross margin: | $ |
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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