Spec’s, a distributor for S. Pellegrino Corporation, sells S. Pellegrino mineral water to grocery stores around...
Spec’s, a distributor for S. Pellegrino Corporation, sells S.
Pellegrino mineral water to grocery stores around the world. The
cost of each bottle depends on when Spec’s purchases the water. See
the cost structure below:
Mar. Purchases 10 cases @ $30
Jul. Purchases 20 cases @ $40
Aug Purchases 30 cases @ $50
Spec’s sells 35 cases in September.
What is the gross margin under the FIFO method if each case is sold
for $75?
Homework Answers
|
Cost of Goods Sold under fifo = (10*30) + (20*40) + (5*50) = 1350 Sales = 35*75 = 2625 Gross margin = Sales - Cost of Goods Sold = 2625-1350 = 1275 |
|
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