# Chap6 Hmk Ex6-7 - Date Jan 1 Jan 10 Mar 14 Mar 15 July 30...

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Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning Inventory 200 Units @ \$10 = \$2,000 Jan. 10 Sales 150 units @ \$40 = \$6,000 Mar. 14 Purchase 350 units @ \$15 = \$5,250 Mar. 15 Sales 300 units @ \$40 = \$12,000 July 30 Purchase 450 units @ \$20 = \$9,000 Oct. 5 Sales Oct. 26 Purchase Totals 1,100 units \$18,750 \$35,200 Perdiodic FIFO Avaliable for Sale Cost of Goods Sold Ending Inventory Date # of units Units Sold Unit Cost Unit Cost FIFO LIFO Sales \$35,200 \$35,200 Cost of goods sold -13850.00 \$16,450 Beginning Inventory 200 \$10.00 \$2,000 200 \$10.00 \$2,000 Gross margin \$21,350 \$18,750 Purchase - Mar. 14 350 \$15.00 \$5,250 350 \$15.00 \$2,000 Purchase - Jul. 30 450 \$20.00 \$9,000 330 \$20.00 \$6,600 120 \$20.00 \$2,400 Purchase - Oct. 26 100 \$25.00 \$2,500 100 \$25.00 \$2,500 Total 1,100 \$18,750