Question: Beginning inventory 120 units @ $ 15 each First Purchase 90 units @ $ 12 Second Purchase 280 units @ $ 13 Third Purchase 310

Beginning inventory

120 units @ $ 15 each

First Purchase

90 units @ $ 12

Second Purchase

280 units @ $ 13

Third Purchase

310 units @ $ 14

Sales 780 units @ $ 25

Required:

Calculate

  1. Cost of goods sold (COGS) under FIFO
  2. Ending Inventory under FIFO.
  3. Gross Margin under FIFO.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Majan company provided you the following details for the year 2018. Beginning inventory 120 units @ $ 15 each First Purchase 90 units @ $ 12 Second Purchase 280 units @ $ 13 Third Purchase 310 units...

Q:

Beginning inventory 80 units @ $ 15 each First Purchase 150 units @ $ 12 Second Purchase 390 units @ $ 13 Third Purchase 250 units @ $ 14 Sales 830 units @ $ 20 Required: [ 8 Marks) Calculate a. Cost...

Q:

1.Georgia Co. provided you the following details for the year 2017. Required: Calculate a. Cost of goods sold (COGS) under FIFO b. Cost of goods sold (COGS) under LIFO c. Ending Inventory under FIFO...

Q:

Beginning inventory 80 units @ $ 15 each First Purchase 150 units @ $ 12 Second Purchase 390 units @ $ 13 Third Purchase 250 units @ $ 14 Sales 830 units @ $ 20 Required: [ 8 Marks) Calculate a. Cost...

Q:

2. Georgia Co. provided you the following details for the year 2017. Beginning inventory 80 units @ $ 15 each First Purchase 150 units @ $12 Second Purchase 390 units @ $ 13 Third Purchase 250 units...

Q:

Bronco Enterprises provided you the following details for the year 2015. Beginning inventory 130 units @ $30 each First Purchase 120 units@ $35 Second Purchase 150 units @ $32 Third Purchase 110...

Q:

Bronco Enterprises provided you the following details for the year 2015. Beginning inventory 130 units @ $ 30 each First Purchase 120 units @ $35 Second Purchase 150 units @ $32 Third Purchase 110...

Q:

The following lots of commodity z were available for sale during the year. Beginning inventory 12 units at $49 First purchase 19 units at $52 Second purchase 52 units at $59 Third purchase 14 units...

Q:

Balkan Inc. sells mass produced swimming pools. It also custom makes under special orders. Below is the unadjusted trial balance o n December 31, 20 20. ( A ll numbers in this question is in...

Q:

help with 2nd question The following lots of a particular commodity were available for sale during the year Beginning inventory 9 units at $52.00 First purchase 15 units at $53.00 cond purchase 51...

Q:

The Tyler Oil Companys capital structure is as follows: Debt 65 % Preferred stock 10 Common equity 25 The aftertax cost of debt is 11 percent; the cost of preferred stock is 14 percent; and the cost...

Q:

Answer following questions from the mini case attach 1. Why did the court not permit Banque de depots to seize the cargo Bozel shipped? 2. What are the policy reasons for not allowing a creditor,...

Q:

Financial managers frequently use the term "cash equivalent" in reference to preferred shares common stock marketable securities long - term bonds

Q:

please help need it asap City Motors will sell a $20,000 car for $420 a month for 52 months. What is the interest rate? 4.05 percent 7.09 percent 6.37 percent 8.38 percent 5.35 percent

Q:

Evaluate and employ strategies for managing conflict in different situations

Q:

Have you ever let a small conflict grow into a bigger one simply because you avoided engaging in conflict management? On the other hand, are there times when avoiding conflict is more productive than...

Q:

Explain the forces that influence how people handle conflict