for full credit. 230/4 The Cotton Company sells many products. Gizmo is one of its popular...

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for full credit. 230/4 The Cotton Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Cotton Company uses the perpetual inventory system. Purchases 3/1 Beginning inventory 3/3 Purchase 3/4 Sales 3/10 Purchase 3/16 Sales 3/25 Purchase 3/26 Sales 3/30 Purchase Units 120 100 200 80 100 Unit Cost $ 80 $ 85 $ 90 $95 $100 TAXOY Units 140 180 120 Sales Selling Price $120 $130 $130 Instructions (Show computations) JAMUOL JASI (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the cost of ending inventory on March 31. (c) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (d) Using the LIFO assumption, calculate the cost of the ending inventory on March 31. for full credit. 230/4 The Cotton Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Cotton Company uses the perpetual inventory system. Purchases 3/1 Beginning inventory 3/3 Purchase 3/4 Sales 3/10 Purchase 3/16 Sales 3/25 Purchase 3/26 Sales 3/30 Purchase Units 120 100 200 80 100 Unit Cost $ 80 $ 85 $ 90 $95 $100 TAXOY Units 140 180 120 Sales Selling Price $120 $130 $130 Instructions (Show computations) JAMUOL JASI (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the cost of ending inventory on March 31. (c) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (d) Using the LIFO assumption, calculate the cost of the ending inventory on March 31.

Answer rating: 100% (QA)

Lets calculate the cost of goods sold COGS and the cost of ending inventory for the Cotton Company u... View the full answer