Question
In: Accounting
Susan Company sells many products. Gizmo is one of its popular items. Below is an analysis...
Susan 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. Susan Company uses the perpetual inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $41 3/3 Purchase 55 $50 3/4 Sales 60 $85 3/10 Purchase 205 $50 3/16 Sales 90 $85 3/19 Sales 65 $85 3/25 Sales 60 $95 3/30 Purchase 45 $65 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Ayayai Company sells many products. Gizmo is one of its popular items. Below is an analysis...
Ayayai 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. Ayayai Company uses the perpetual
inventory system.
Purchases
Sales
Units
Unit Cost
Units
Selling Price/Unit
3/1
Beginning inventory
60
$55
3/3
Purchase
36
$60
3/4
Sales
36
$120
3/10
Purchase
120
$65
3/16
Sales
54
$130
3/19
Sales
42
$130
3/25
Sales
30
$130
3/30
Purchase
24
$75
Using the FIFO...
Pronghorn Company sells many products. Gizmo is one of its popular items. Below is an analysis...
Pronghorn 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. Pronghorn Company uses the
periodic inventory system.
Purchases
Sales
Units
Unit
Cost
Units
Selling
Price/Unit
3/1
Beginning inventory
108
$40
3/3
Purchase
62
$50
3/4
Sales
62
$90
3/10
Purchase
216
$55
3/16
Sales
70
$100
3/19
Sales
100
$100
3/25
Sales
62
$100
3/30
Purchase
46
$60
Using the FIFO...
Wooderson Company sells many products. Gizmo is one of its popular items. Below is an analysis...
Wooderson 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. Wooderson Company uses the
PERIODICinventory system.
Purchases
Sales
Units
Unit Cost
Units
Price/Unit
1-Mar
Beginning inventory
100
$40
3-Mar
Purchase
60
$50
4-Mar
Sales
60
$80
10-Mar
Purchase
200
$55
16-Mar
Sales
70
$90
19-Mar
Sales
90
$90
25-Mar
Sales
60
$90
30-Mar
Purchase
40
$60
Instructions - SHOW ALL COMPUTATIONS...
Flint Company sells many products. Gizmo is one of its popular items. Below is an analysis...
Flint 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. Flint Company uses the periodic
inventory system.
Purchases
Sales
Units
Unit
Cost
Units
Selling
Price/Unit
3/1
Beginning inventory
92
$30
3/3
Purchase
54
$40
3/4
Sales
54
$70
3/10
Purchase
184
$45
3/16
Sales
62
$80
3/19
Sales
84
$80
3/25
Sales
54
$80
3/30
Purchase
38
$50
Using the FIFO...
Bridgeport Company sells many products. Gizmo is one of its popular items. Below is an analysis...
Bridgeport 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. Bridgeport Company uses the
perpetual inventory system.
Purchases
Sales
Units
Unit Cost
Units
Selling Price/Unit
3/1
Beginning inventory
90
$55
3/3
Purchase
54
$60
3/4
Sales
54
$120
3/10
Purchase
180
$65
3/16
Sales
81
$130
3/19
Sales
63
$130
3/25
Sales
45
$130
3/30
Purchase
36
$75
Using the FIFO...
Whispering Winds Company sells many products. Gizmo is one of its popular items. Below is an...
Whispering Winds 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. Whispering Winds Company
uses the perpetual inventory system.
Purchases
Sales
Units
Unit Cost
Units
Selling Price/Unit
3/1
Beginning inventory
260
$55
3/3
Purchase
156
$60
3/4
Sales
156
$120
3/10
Purchase
520
$65
3/16
Sales
234
$130
3/19
Sales
182
$130
3/25
Sales
130
$130
3/30
Purchase
104
$75
Using...
The Cog Company sells many products. Tog is one of its popular items. Below is an...
The Cog Company sells many products. Tog is one of its popular
items. Below is an analysis of the inventory purchases and sales of
Tog for the month of March:
3/1 Beginning inventory 80 units at $10
3/5 Sold 40 units at $15
3/10 Purchased 120 units at $11
3/15 Sold 90 units at $15
3/20 Purchased 100 units at $12
3/25 Sold 80 units at $15
Part 1 - Provide the following assuming Cog
Company uses a perpetual inventory...
The Cog Company sells many products. Tog is one of its popular items. Below is an...
The Cog Company sells many products. Tog is one of its popular
items. Below is an analysis of the inventory purchases and sales of
Tog for the month of March:
3/1 Beginning inventory 80 units at $10
3/5 Sold 40 units at $15
3/10 Purchased 120 units at $11
3/15 Sold 90 units at $15
3/20 Purchased 100 units at $12
3/25 Sold 80 units at $15
Part 1 - Provide the following assuming Cog
Company uses a perpetual inventory...
Taylor Ltd. sells many products. Hoot is one of its popular items. Below is an analysis of the inventory purchases and sales of Hoot for the month of March. Owl uses the perpetual inventory system.
Taylor Ltd. sells many products. Hoot is one of its
popular items. Below is an analysis of the inventory purchases and
sales of Hoot for the month of March. Owl uses the perpetual
inventory system. Purchases Sales
Units Unit
Cost Units Selling
Price/UnitMar
1 Beginning
inventory
600
$40
3
Purchase
100
60
4
Sales
190
$80
10
Purchase
100
66
16
Sales
275
120
19
Sales
220
120
25
Sales
75
120
30
Purchase
460
75Instructions(a) Using the FIFO cost formula, calculate the cost of...
An online backpack store sells many products that are popular with elementary school children. The store...
An online backpack store sells many products that are popular
with elementary school children. The store knows some children
under 10 subscribe to the store's coupon service. Is the store
subject to the Children's Online Privacy Act?
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