The following purchases of widgets by Loopy Company took place during the 1st Quarter of 2019:...

 

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The following purchases of widgets by Loopy Company took place during the 1st Quarter of 2019: Date 01/20/2019 02/15/2019 03/12/2019 If the only product Loopy sold during the first quarter was widgets and the only sale took place on February 18th of 150 widgets for a sales price of $100 per unit, what was Happy's gross profit for the first quarter using the FIFO assumption for inventory? Units Cost $30/each $32/each $33.50/each 110 90 100 $10,500 O$ 9,975 O s10.420 O s10.200 The following purchases of widgets by Loopy Company took place during the 1st Quarter of 2019: Date 01/20/2019 02/15/2019 03/12/2019 If the only product Loopy sold during the first quarter was widgets and the only sale took place on February 18th of 150 widgets for a sales price of $100 per unit, what was Happy's gross profit for the first quarter using the FIFO assumption for inventory? Units Cost $30/each $32/each $33.50/each 110 90 100 $10,500 O$ 9,975 O s10.420 O s10.200

Answer rating: 100% (QA)

Calculation of cost of goods sold date Units Unit cost Total cost 12019 110 30 3300 21... View the full answer