{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Class+Exercise+from+2-23-09+_2_

# Class+Exercise+from+2-23-09+_2_ - ACCT 2101 CLASS EXERCISE...

This preview shows page 1. Sign up to view the full content.

This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ACCT 2101 CLASS EXERCISE DATE Topic: Inventory Costing Methods Name Section The following purchases and sales for Noble Company are for April. There was no inventory on April 1. The sales price was \$50 per unit for the entire month. PURCHASES SALES Unit Units Cost Units April3 3,200 @ \$33.00 = \$105,600 Apri16 1,500 April 10 1,600 @ \$34.00 = 54,400 April 12 1,400 April 22 2,000 @ \$35.00 = 70,000 April 25 2,300 April 28 1,800 @ \$36.00 = 64,800 TOTAL ——————————————————— TOTAL -------- AVAIL 8,600 \$294,800 SOLD 5,200 Ending Inventory : 8,600 — 5,200 = 3,400 units REQUIRED: Compute the ending inventory, cost of goods sold, gross margin amount, and gross margin percentage as of April 30 using periodic inventory procedure, under each of the following methods: (1) FIFO (2) LIFO (3) Weighted—Average ...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online