Business, 10.04.2020 22:12 thedocgalloway
Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system.
Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1
Beginning inventory
100 $55
3/3
Purchase
60 $60
3/4
Sales
60 $120
3/10
Purchase
200 $65
3/16
Sales
90 $130
3/19
Sales
70 $130
3/25
Sales
50 $130
3/30
Purchase
40 $75
a. Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold $
b. Using the FIFO assumption, calculate the value of ending inventory for March.
Ending Inventory $enter Ending Inventory in dollars
Entry field with incorrect answer
c. Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Round average cost per unit to 3 decimal places, e. g. 5.254 and final answer to 2 decimal places, e. g. 2,520.56.)
Amount assigned to the inventory enter Amount assigned to the inventory in dollars
Entry field with incorrect answer
d. Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
Amount assigned to the inventory $enter Amount assigned to the inventory in dollars
Entry field with incorrect answer
e. Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold $enter Cost of goods sold in dollars
Answers: 1
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Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the...
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