FIFO Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase. Nov. 11 Purchase:...

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FIFO Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase. Nov. 11 Purchase: Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total For the entire year, the company sells 111 units of inventory for $40 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale # of units Cost per unit 30 $ 32 35 $ 31✔ 40 $ 30 Number of Units 30 35 40 40 145 SS 40 $ 28 145 Cost of Goods Available for Sale $ $ 960 1,085 1200 1,120 4,365 # of units Unit Cost $ 32 31 35 40 Answer is complete but not entirely correct. Cost of Goods Sold 8 30 28 30 $ 32 0 0 **** Total Cost $ 960 Cost per unit 1,085 1,200 1,120 $4,365 $ 31 $ 30 $28 Cost of Goods Sold $ 960 1,085 1,200 0 $ 3,245 # of units 0 Ending Inventory 0 0 0x 08 Cost per unit Ending Inventory 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit $ # of units $ Cost per unit 30 $ 32 35 $ 31 40 $ 30 $28 40 145 SA Answer is complete but not entirely correct. Cost of Goods Available for Sale $ 960 0 0x $ 1,085 1200 1,120 4,365 # of units Cost per unit 30 $ 32 35 $ 31 40 $ 30 0X $ 28 0x S Cost of Goods Sold $ 960 1,085 1,200 0 $3,245 # of units 0 0 0 0 XX 0x Cost per unit Ending Inventory $ FIFO Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase. Nov. 11 Purchase: Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total For the entire year, the company sells 111 units of inventory for $40 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale # of units Cost per unit 30 $ 32 35 $ 31✔ 40 $ 30 Number of Units 30 35 40 40 145 SS 40 $ 28 145 Cost of Goods Available for Sale $ $ 960 1,085 1200 1,120 4,365 # of units Unit Cost $ 32 31 35 40 Answer is complete but not entirely correct. Cost of Goods Sold 8 30 28 30 $ 32 0 0 **** Total Cost $ 960 Cost per unit 1,085 1,200 1,120 $4,365 $ 31 $ 30 $28 Cost of Goods Sold $ 960 1,085 1,200 0 $ 3,245 # of units 0 Ending Inventory 0 0 0x 08 Cost per unit Ending Inventory 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit $ # of units $ Cost per unit 30 $ 32 35 $ 31 40 $ 30 $28 40 145 SA Answer is complete but not entirely correct. Cost of Goods Available for Sale $ 960 0 0x $ 1,085 1200 1,120 4,365 # of units Cost per unit 30 $ 32 35 $ 31 40 $ 30 0X $ 28 0x S Cost of Goods Sold $ 960 1,085 1,200 0 $3,245 # of units 0 0 0 0 XX 0x Cost per unit Ending Inventory $

Answer rating: 100% (QA)

Sales revenue 4440 Gross profit 1027 Cost of goods sold 3413 ... View the full answer