Easter Eggs, Inc. specializes in decorative eggs sold by the case (each case is a unit...
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Easter Eggs, Inc. specializes in decorative eggs sold by the case (each case is a unit of inventory). The following information was taken from the Company's inventory records for the year ended April 30, 2021. Beginning Inventory-4/30/20 Purchase 1-6/25/20 Purchase 2-3/15/21 Purchase 3-4/2/21 Ending Inventory-4/30/21 Units 65,000 85,000 175,000 45,000 120,000 Value/Unit $14.00 $16.00 $17.00 $19.00 Calculate the required amounts and fill in the table below: Sales (in units): 250,000 Total $910,000 $1,360,000 $2,975,000 $ 855,000 Goods Available for Sale (units): Goods Available for Sale ($): 370,000 6,100,000 FIFO LIFO Weighted Average Sales Ending Inventory 45000*19-855,000 75000 17-1,275,000 Total 2,130,000 Gross Margin 65000 14-910,000 55000 16-880,000 Total-1,790,000 16.4864 120000-1,978,368 Cost of Goods Sold The sales price was $20 per unit. Calculate the gross margins for Easter Eggs, Inc. using FIFO and LIFO FIFO LIFO 6,100,000*20- What is the LIFO reserve at 4/30/21? Cost of Goods Sold What is inventory profit at 4/30/21? 65000 14-910,000 85000 16-1,360,000 100000 17-1,700,000 Total 3,970,000 45000 19-855,000 175000 17-2,975,000 30000 16 480,000 Total 4,310,000 16.4864 250000-4,121,632 Easter Eggs, Inc. specializes in decorative eggs sold by the case (each case is a unit of inventory). The following information was taken from the Company's inventory records for the year ended April 30, 2021. Beginning Inventory-4/30/20 Purchase 1-6/25/20 Purchase 2-3/15/21 Purchase 3-4/2/21 Ending Inventory-4/30/21 Units 65,000 85,000 175,000 45,000 120,000 Value/Unit $14.00 $16.00 $17.00 $19.00 Calculate the required amounts and fill in the table below: Sales (in units): 250,000 Total $910,000 $1,360,000 $2,975,000 $ 855,000 Goods Available for Sale (units): Goods Available for Sale ($): 370,000 6,100,000 FIFO LIFO Weighted Average Sales Ending Inventory 45000*19-855,000 75000 17-1,275,000 Total 2,130,000 Gross Margin 65000 14-910,000 55000 16-880,000 Total-1,790,000 16.4864 120000-1,978,368 Cost of Goods Sold The sales price was $20 per unit. Calculate the gross margins for Easter Eggs, Inc. using FIFO and LIFO FIFO LIFO 6,100,000*20- What is the LIFO reserve at 4/30/21? Cost of Goods Sold What is inventory profit at 4/30/21? 65000 14-910,000 85000 16-1,360,000 100000 17-1,700,000 Total 3,970,000 45000 19-855,000 175000 17-2,975,000 30000 16 480,000 Total 4,310,000 16.4864 250000-4,121,632
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Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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