Question

ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost per unit Cost of Goods Available for Sale of units unit of us per unit Inventory Cost of Goods Sold $ 0 $ 0 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total $ $ S 0 0 Sales revenue Gross profit 7 Prey 8 9 10 of 24 !!! Next >

Answer 1

calculation of cost of goods available for sale or Date Jan mary Jeung Nov 11 Parnculary units pertonit jota ost Beginning innetony 29 $31. $899. Purchase 34 win $30 bota 1020 Purchases 39 $29 021131.0 Puucharesa 39 27 1053 0003 141. $4,103 or .co cost of goods available three methods. is same for all the

1 Using FIFO : unut cost Particulars cost of goods sold Ending inventory nits units per, cost units per forall Beginning inventory 29 $30 $899. Pesiar Pulchases mar Oy 34 $30 -16,020 un 9 39. $29 1,1310 NOV 11 8 $27 216 31 $27 $837 trovire pro $3,266 00 10 200 837 191 H Sales Revenue & units sold x rate per unit Hor 0 110 units x 839 84,290 on Gross Profit - Sales ( cost of goods sold bes Shop ) 44,290) $3,266 2073 10= $1024 . 2) using laro Palticulars cost of good sold its east Total - units put ; cost Endino Inventory units cost total. CODE cout teriet a 19 $31. $899. Beginning inventory Purchases marou. Sune 9. NOV 11 2 $60. 32 39 39 110 $30 $29 27 $960 1,131. 1,053 3,1414 $30 . - 31. $959 Gross Prohit - - sales - cost of goods sold $4,290 - 3144 = $1,146)

3 weighted average cost :- calculation of average cost per unit a - Total cost of goods arailable for sale and a rotal now of units => 94,103 $29. 10 O NOM UTC ' t cost cost of goods sold Ending inventory units per is total units per it totoy 130 bol din VOY 110 or $29.10. $3201. din 3101 $29.10. 903 110 $3,20 31 $903 E bop203 2002 Gross Propit sales - cost of goods sold = 4,290 3,201. - $ 1089

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