Chapter 6 Hand-out Assignment Question 1 Gabbins Company uses the perpetual inventory system and the FIFO cost formula. Purchases Sales Selling Units Unit Cost Units Price ar 1 Beginning inventory $50 3 Purchase $60 4 Sales $100 10 Purchase 200 $70 16 Sales 80 $110 19 Sales 80 $110 25 Sales 50 $110 30 Purchase 40 $75 Instructions a) Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31. b) Prepare the journal entries to record the sales on March 4 and March 19. All sales are made on credit. Chapter 6 Hand-out Assignment Question 1 Gabbins Company uses the perpetual inventory system and the FIFO cost formula. Purchases Sales Selling Units Unit Cost Units Price ar 1 Beginning inventory $50 3 Purchase $60 4 Sales $100 10 Purchase 200 $70 16 Sales 80 $110 19 Sales 80 $110 25 Sales 50 $110 30 Purchase 40 $75 Instructions a) Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31. b) Prepare the journal entries to record the sales on March 4 and March 19. All sales are made on credit