Homework Answers
Calculate cost of goods sold and gross profit
Total Sale unit = 167+365 = 532 Units
Sales revenue = (167*579+365*589) = 314963
Cost of goods sold = (138*283+183*318+211*383) = $178061
Gross profit = 3149636-178061 = $136902
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Pharoah Inc. uses the periodic system of accounting for its
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March
1
Beginning inventory 2,050 liters at a cost of 61¢ per
liter.
March
3
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March
5
Sold 2,305 liters for $1.05 per liter.
March
10
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March
20
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Industries made the following purchases of CDs.
March 5
2,040
@
$8
March 21
5,150
@
$10
March 13
3,820
@
$9
March 26
1,930
@
$11
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Pharoah Inc. uses the periodic system of accounting for its
inventory transactions.
March
1
Beginning inventory 2,050 liters at a cost of 61¢ per
liter.
March
3
Purchased 2,405 liters at a cost of 66¢ per liter.
March
5
Sold 2,305 liters for $1.05 per liter.
March
10
Purchased 3,990 liters at a cost of 73¢ per liter.
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20
Purchased 2,520 liters at a...
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At the beginning of March, Buffalo Industries had in beginning
inventory 2,670 CDs with a unit cost of $7. During March, Buffalo
Industries made the following purchases of CDs.
March 5
2,040
@
$8
March 21
5,150
@
$10
March 13
3,820
@
$9
March 26
1,930
@
$11
During March 12,440 units were sold. Buffalo Industries uses a
periodic inventory system.
Determine (1) the ending inventory...
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