You have the following information for Wildhorse Co.. Wildhorse uses the periodic method of accounting for...

   

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You have the following information for Wildhorse Co.. Wildhorse uses the periodic method of accounting for its inventory transactions. Wildhorse only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 March 10 March 25 Beginning inventory 150 diamonds at a cost of $ 320 per diamond. Purchased 200 diamonds at a cost of $360 each. Sold 180 diamonds for $630 each. Purchased 350 diamonds at a cost of $ 385 each. Sold 395 diamonds for $ 680 each. Assume that Wildhorse uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Cost of goods sold Gross profit Assume that Cullumber uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Cost of goods sold Gross profit Click If you would like to Show Work for this question: Open Show Work You have the following information for Wildhorse Co.. Wildhorse uses the periodic method of accounting for its inventory transactions. Wildhorse only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 March 10 March 25 Beginning inventory 150 diamonds at a cost of $ 320 per diamond. Purchased 200 diamonds at a cost of $360 each. Sold 180 diamonds for $630 each. Purchased 350 diamonds at a cost of $ 385 each. Sold 395 diamonds for $ 680 each. Assume that Wildhorse uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Cost of goods sold Gross profit Assume that Cullumber uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption? Cost of goods sold Gross profit Click If you would like to Show Work for this question: Open Show Work

Answer rating: 100% (QA)

Date Description Units Unit cost Total cost March 1 Beginning inventory 150 320 48000 March 3 Purcha... View the full answer