Homework Answers
SOLUTION:
FIFO (First in, first out)
COGS: $984
|
Units |
Price |
Amount |
|
11 |
48 |
528 |
|
3 |
48 |
144 |
|
6 |
52 |
312 |
|
984 |
Sales Revenue: 2345
|
Units |
Price |
Amount |
|
11 |
115 |
1265 |
|
9 |
120 |
1080 |
|
2345 |
Gross profit: 1,361
Working: 2345 - 984 = 1,361
?
Ending inventory: 104
Working :
|
Units |
Price |
Amount |
|
2 |
52 |
104 |
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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
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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
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