The following data are available for the month of April for Dubai Company. The physical count...

 

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The following data are available for the month of April for Dubai Company. The physical count at the end of the month showed that 130 are still available in the store. Date Total cost No. of Units/cost per unit 120 units at $8.00 each 200 units at $8.20 each April 1 inventory April 10 purchase April 20 purchase April 28 purchase $ 960 $1640 $ 3485 410 units at $8.50 each 110 units at $9.00 each $ 990 Required: 1. Calculate the number of units sold during the month of April. Calculate the sales revenues of April assuming a selling price of $15 a unit. 2. Calculate cost of goods sold & cost of ending inventories assuming the LIFO method is used. Calculate the gross profit for the month of April assuming LIFO is used. 3.a. 3.b. It is the mid day of April 30 and in a couple of hours you will be submitting a report of April Activities. You are concerned that you have not achieved you target gross profit for the month of April. Your accountant wanted to help and suggested that you may do that by returning the last purchase you made yesterday on April 28. Do you agree with her? Explain. The following data are available for the month of April for Dubai Company. The physical count at the end of the month showed that 130 are still available in the store. Date Total cost No. of Units/cost per unit 120 units at $8.00 each 200 units at $8.20 each April 1 inventory April 10 purchase April 20 purchase April 28 purchase $ 960 $1640 $ 3485 410 units at $8.50 each 110 units at $9.00 each $ 990 Required: 1. Calculate the number of units sold during the month of April. Calculate the sales revenues of April assuming a selling price of $15 a unit. 2. Calculate cost of goods sold & cost of ending inventories assuming the LIFO method is used. Calculate the gross profit for the month of April assuming LIFO is used. 3.a. 3.b. It is the mid day of April 30 and in a couple of hours you will be submitting a report of April Activities. You are concerned that you have not achieved you target gross profit for the month of April. Your accountant wanted to help and suggested that you may do that by returning the last purchase you made yesterday on April 28. Do you agree with her? Explain.

Answer rating: 100% (QA)

1 Number of units sold and sales revenue Number of units sold0 Sa... View the full answer