Given the information below, fill in the missing information: 1/20 Purchased Uni

Question

Given the information below, fill in the missing information:

1/20 Purchased Units 75 @ $17 = $1,275
4/21 Purchased Units 450 @ $19 = $8,550
7/25 Purchased Units 200 @ $23 = $4,600
9/19 Purchased Units 100 @ $29 = $2,900
Available for Sale 825 $17,325

During this year, Bristol Sales sold 775 DVDs for $60 each.

FIFO
Sales
Cost of Goods Available for Sale
Less: Ending Inventory
Cost of Goods Sold

Gross Margin


LIFO
Sales
Cost of Goods Available for Sale
Less: Ending Inventory
Cost of Goods Sold

Gross Margin
Difference in Gross Margin

Explanation / Answer

Date purchase cash Jan. 20 Purchased 75 units @ $17 $1,275 Apr. 21 450 units @ $19 $8,550 July 25 200 units @ $23 $4,600 Sept. 19 100 units @ $29 $2,900 DVD Inventory = DEBIT = 17,325 FIFO----------COST OF GOODS SOLD 17x 75 $1275 19 x 450 $ 8,550 23 x200 $4,600 29 x 50 $ 1,450 TOTAL COST 15,875 LIFO----------COST OF GOODS SOLD 29 x 100 $2900 23 X200 $ 4600 19X450 $8550 17x 25 $ 425 TOTAL COST 16 475 LIFO----------COST OF GOODS SOLD: $16 475 WEIGHTED AVERAGE 17325/825= $21 PER DVD $21 PER DVD X775= $ 16 275

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