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Gummo company sells many products. Guzmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gummo for the

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Gummo company sells many products. Guzmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gummo for the month of March. Gummo Company uses the perpetual inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 200 $55 ? ? 3/3 Purchase 120 $60 ? ? 3/4 Sales ? ? 120 $120 3/10 Purchase 400 $65 ? ? 3/16 Sales ? ? 140 $130 3/19 Sales ? ? 160 $130 3/25 Sales ? ? 100 $130 3/30 Purchase 80 $75 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (b) Using the LIFO assumption, calculate the value of ending inventory for March (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show Computations) (d) Using the lifo assumption, calculate the amount assigned to the inventory on hand on March 31.(Show Computations) (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.(Show Computations)
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Dear Student, Please check the attached solutions file of... View the full answer

pdf version.xls

Purchases
Units
Unit Cost
3-Jan Beginning inventory $55
200
3-Mar Purchase
120 $60
3-Apr Sales
?
?
3-Oct Purchase
400 $65
Mar-16 Sales
?
?
Mar-19 Sales
?
?
Mar-25 Sales
?
?
Mar-30 Purchase
80 $75...

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