The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. Units...

Transcribed Image Text:

The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.g. 61,052.50.) FIFO Weighted- average +A LA Cost of Goods Sold 79865 VA +A Gross Margin 101635 0 0 +A $ Ending Inventory 1485 The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.g. 61,052.50.) FIFO Weighted- average +A LA Cost of Goods Sold 79865 VA +A Gross Margin 101635 0 0 +A $ Ending Inventory 1485