Inventory events | Cost of Sales | Inventory Balances | |||||||||
Units | Cost/Unit | Total | Units | Cost/Unit | Total | Units | Cost/Unit | Total | |||
Opening Stock | 25.00 | 5.00 | 125.00 | 25.00 | 5.00 | 125.00 | |||||
Purchase Inventory | 20.00 | 6.40 | 128.00 | 45.00 | 5.62 | 253.00 | |||||
Sales @ 10/unit | 20.00 | 20.00 | 5.00 | 100.00 | 5.00 | 5.00 | 25.00 | ||||
20.00 | 6.40 | 128.00 | |||||||||
Sales @ 10/unit | 18.00 | 5.00 | 5.00 | 25.00 | |||||||
13.00 | 6.40 | 83.20 | 7.00 | 6.40 | 44.80 | ||||||
Purchase Inventory | 25.00 | 7.72 | 193.00 | 7.00 | 6.40 | 44.80 | |||||
25.00 | 7.72 | 193.00 | |||||||||
Sales @ 10/unit | 12.00 | 7.00 | 6.40 | 44.80 | |||||||
5.00 | 7.72 | 38.60 | 20.00 | 7.72 | 154.40 | ||||||
COGS available for sale | 446.00 | COGS | 291.60 | Inventory in hand | 154.40 |
1 | Cost = $6.40/ can with total value of $128 |
2 | FIFO Method should be used as low stock value (old stock) shall be used first to make sales, leading to higher profits |
3 | Periodic should be used |
4 | Journal | |||
S No | Particulars | Dr/Cr. | Dr ($) | Cr ($) |
Cash A/c | Dr | 200 | ||
To Cost of Sales A/c | Cr | 100 | ||
To Profit on Sales A/c | Cr | 100 | ||
(Being sales recorded) | ||||
5 | Journal | |||
S No | Particulars | Dr/Cr. | Dr ($) | Cr ($) |
Cash A/c | Dr | 180 | ||
To Cost of Sales A/c | Cr | 108 | ||
To Profit on Sales A/c | Cr | 72 | ||
(Being sales recorded) |
6 | Cost = $7.72/ can with total value of $193 |
7 | Journal | |||
S No | Particulars | Dr/Cr. | Dr ($) | Cr ($) |
Cash A/c | Dr | 120 | ||
To Cost of Sales A/c | Cr | 83 | ||
To Profit on Sales A/c | Cr | 37 | ||
(Being sales recorded) |
8 | Cost of Goods available for Sale = $446 |
9 | Cost of Goods Sold = $291.60, which shall come in Income Statement as cost. |
10 | Ending Inventory is $154.40 which shall come on Asset Side of Balance Sheet |
11 | Gross Margin | |
Sales | Amount ($) | |
20 units | 200.00 | |
18 units | 180.00 | |
12 units | 120.00 | |
Total Sales | 500.00 | |
COGS | 291.60 | |
Gross Margin (Total Sales - COGS) | 208.40 |
im lost on how to do the blank questions i just need the gross margin question...
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