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

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