Question: Correct the information needed and fill the information missing using the table format bellow Determine the cost of goods sold and the cost of ending

Correct the information needed and fill the information missing using the table format bellow

Determine the cost of goods sold and the cost of ending inventory. The company uses the perpetual inventory system,
using the following information. Please fill in the spaces in yellow. Calculate the gross profit and gross profit rate,
under each method of inventory valuation.
Date Units Cost or Selling Price per Unit Total Cost
February 2 Beginning Inventory 3000 $ 50.00 $ 150,000.00
February 13 Purchase 2000 $ 57.50 $ 115,000.00
February 17 Sale 3500 $ 275.00 $ 962,500.00
February 25 Purchase 1000 $ 62.00 $ 62,000.00
Units Purchased 6,000 Total Cost of units purchased $ 327,000.00
Units Sold 3,500 Total Sales $ 962,500.00
Units in Ending Inventory 2,500
Purchase
Date Units Cost or Selling Price per Unit Total Cost
February 2 Beginning Inventory 3000 $ 50.00 $ 150,000.00
February 13 Purchase 2000 $ 57.50 $ 115,000.00
February 25 Purchase 1000 $ 62.00 $ 62,000.00
6,000 $ 327,000.00
Sales
Date Units Cost or Selling Price per Unit Total Cost
February 17 Sale 3500 $ 275.00 $ 962,500.00
3,500 $ 962,500.00

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!