rk Help Sav Mar. 1 Beginning Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar.
ID: 2567545 • Letter: R
Question
rk Help Sav Mar. 1 Beginning Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales inventory 230 unitse $53.60 per 290 units $58.60 per unit 390 unitg8 $88.60 per 150 units S63.60 per 280 units s65.60 per unit unit 260 units 8 $98.60 per 650 units unit Totals 950 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase, the March 29 sale consisted of 110 unts from the March 18 purchase and 150 units from the March 25 purchase. (Round weighted average cost final answers to nearest whole dollar.) decimals and Spec. ID LIFO Avg. Cost FIFO Gross Margin Sales Less Cost of goods sold Next >Explanation / Answer
FIFO
230 units * $53.60 = $12328
290 units * $58.60 = $16994
230 units * $53.60 = $12328
160 units * $58.60 = $9376
130 units * $58.60 = $7618
150 units * $63.60 = $9540
130 units * $58.60 = $7618
150 units * $63.60 = $9540
280 units * $65.60 = $18368
130 units * $58.60 = $7618
130 units * $63.60 = $8268
20 units * $63.60 = $1272
280 units * $65.60 = $18368
LIFO
230 units * $53.60 = $12328
290 units * $58.60 = $16994
290 units * $58.60 = $16994
100 units * $53.60 = $5360
130 units * $53.60 = $6968
150 units * $63.60 = $9540
130 units * $53.60 = $6968
150 units * $63.60 = $9540
280 units * $65.60 = $18368
130 units * $53.60 = $6968
150 units * $63.60 = $9540
20 units * $65.60 = $1312
Average cost method
130 units * $56.388 = $7330
150 units * $63.60 = $9540
Specific identification:
Cost of goods sold :
130 units * $53.60 = $6968
260 units * $58.60 = $15236
110 units * $63.60 = $6996
150 units * $65.60 = $9840
Cost of goods sold $39040
FIFO LIFO AVERAGE COST SPECIFIC IDENTIFICATION
Sales $60190 $60190 $60190 $60190
Cost of goods sold $37590 $39410 $38351 $39040
Gross margin $22600 $20780 $21839 $21150.
Date Cost of goods available for sale Cost of goods sold Ending inventory Mar 1 230 units * $53.60 = $12328 230 units * $53.60 = $12328 5 290 units * $58.60 = $16994230 units * $53.60 = $12328
290 units * $58.60 = $16994
9230 units * $53.60 = $12328
160 units * $58.60 = $9376
130 units * $58.60 = $7618 18 150 units * $63.60 = $9540130 units * $58.60 = $7618
150 units * $63.60 = $9540
25 280 * $65.60 = $18368130 units * $58.60 = $7618
150 units * $63.60 = $9540
280 units * $65.60 = $18368
29130 units * $58.60 = $7618
130 units * $63.60 = $8268
20 units * $63.60 = $1272
280 units * $65.60 = $18368
Cost of goods sold $37590 Ending inventory $19640Related Questions
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