Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for
Question:
Bleistine Company had the following transactions for the month.
Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations.
A. First-in, first-out (FIFO)
B. Last-in, first-out (LIFO)
C. Weighted average (AVG)
Transcribed Image Text:
Beginning inventory Purchased Jun. 1 Purchased Nov. 1 Total goods available for sale Ending inventory Number of Units 880 750 800 2,430 110 Cost per Unit $30,800 30,000 34,400 95,200 ?
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A Firstin firstout FIFO method Beginning inventory 880 units 30 26400 Purchased Jun 1 750 u...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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