Question

Dec. 1	Beginning merchandise inventory	13	units @	$9	each
8	Sale	8	units @	$22	each
14	Purchase	16	units @	$14	each
21	Sale	14	units @	$22	each

Assume that Toys Galore store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses the perpetual inventory system. Read the requirements. Unce all of tne transactions nave peen entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on nand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Quantity Date Dec. 1 Dec. 81 Dec. 14 8 $ 9 $ 72 Inventory on Hand Unit T otal Quantity Cost Cost 13 $ 9 $ 117 $ 9 $ 45 $ 9$ 45 $ 14$ $ 14 $ 98 16 $ 14$ 224 Dec. 21 $ $ 9 $ 14$ $ 45 126 243 Totals 16 $_ 224 22 $ 98 Compute the gross profit using the using the FIFO inventory costing method. Gross profit is $ L u sing the FIFO inventory costing method. Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check Answer

Answer 1

Gross profit is $ 241.00 using FIFO inventory costing method. Gross Profit Sales (8+14) * $ 22 Less: Cost of Goods Sold Gross Profit $ 484.00 $ (243.00) $ 241.00 Purchases Quantity Unit cost Total cost Date Dec-01 Dec-08 Cost of Goods Sold Inventory on Hand Total Quantity Unit cost Total Cost Quantity Unit cost 13 S 9.00 S 117 8 S 9.00 S 725S 9.00 S 45 Dec-14 16 S 14.00 S 224 5 16 S 9.00 S S 14.00 S 45 224 Dec-21 5 9 22 S 9.00 S 14.00 S S S 45 126 243 7 s 14.00 S S 98 98 Total 16 S 224