Wong's Trading Cards, Inc, had the following purchases in the month of April. Wong's Trading Card...
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Wong's Trading Cards, Inc, had the following purchases in the month of April. Wong's Trading Card Inventory Purchases Activity Number of Units 04/01 04/10 04/22 Date Purchase Purchase Purchase Cost per Unit $10 $12 $16 2,000 3,000 1,500 On April 15, Wong sells 4,000 units for $20 unit. What are Wong's Total Sales? [80,000] What is Wong's Gross Profit using the FIFO method of Inventory Valuation? What is Wong's Gross Profit using the LIFO method of Inventory Valuation? Total Cost $20,000 $36,000 24,000 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 Margin Ratio using the LIFO method of Inventory Valuation? What is Wong's Gross Profit using the Weighted Average method of Inventory Valuation? What is Wong's Gross Margin Ratio using the Weighted Average method of inventory valuation? Wong's Trading Cards, Inc, had the following purchases in the month of April. Wong's Trading Card Inventory Purchases Activity Number of Units 04/01 04/10 04/22 Date Purchase Purchase Purchase Cost per Unit $10 $12 $16 2,000 3,000 1,500 On April 15, Wong sells 4,000 units for $20 unit. What are Wong's Total Sales? [80,000] What is Wong's Gross Profit using the FIFO method of Inventory Valuation? What is Wong's Gross Profit using the LIFO method of Inventory Valuation? Total Cost $20,000 $36,000 24,000 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 Margin Ratio using the LIFO method of Inventory Valuation? What is Wong's Gross Profit using the Weighted Average method of Inventory Valuation? What is Wong's Gross Margin Ratio using the Weighted Average method of inventory valuation?
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Answer rating: 100% (QA)
To calculate Wongs Gross Profit using the FIFO FirstIn FirstOut method of inventory valuation we need to determine the cost of goods sold COGS and sub... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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