Question

Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $502 each. Jul. 17 Purchased 52 watches for $7,904 ($152 per watch) on account. Jul 31 Sold 42 watches for $21,084 cash. Aug. 12 Purchased 42 watches for $6,804 ($162 per watch) cash. Aug. 22 Sold 32 watches for $16,064 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $10,200 for watches sold on account on August 22. Oct. 27 Purchased 82 watches for $14, 104 (5172 per watch) cash. Nov. 20 Sold 92 watches for $46,184 cash. Dec. 4 Purchased 104 watches for $18,928 ($182 per watch) on account. Dec. 8 Sold 42 watches for $21,084 on account. Required: 1-a. Calculate sales revenue, cost of goods sold, and ending Inventory as of December 31, 2022, assuming Suzie uses FIFO to account for Inventory Answer is complete but not entirely correct. $ Sales Revenue Cost of Goods Sold Ending Inventory 104,416 34.636

Answer 1

Purchases Unit Cost Total Cost Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Quantity Jul-1752 152 7904 52 152 7904 Jul-31 42 152 6384 10 1 52 1520 Aug-12 42 162 6804 10 42 152 162 1520 6804 Aug-22 10 152 162 1520 3564 22 Oct-27 82 172 14104 20 20 82 162 162 172 3240 3240 14104 Nov-20 20 162 172 3240 12384 72 10 Dec-04 104 182 18928 10 172 172 182 1720 1720 18928 104 Dec-08 10 172 182 1720 5824 32 72 182 13104 Totals 280 47740 208 34636 72 13104

• Sales Revenue = 280 * $502 = $104,416
• Cost of Goods Sold = $34,636 (from the picture)
• Ending Inventory = $13,104 (From picture marked with red)

Please give a Thumbs up ?. Thanks!!