Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 8.00

Harold Co.

Harold Co. reported the following current-year purchases and sales data for its only product.

Date

Activities

Units Acquired at Cost

 

Units Sold at Retail

Jan. 1

Beginning inventory

100 units @ $10 =

$ 1,000

 

Jan. 10

Sales

 

 

90 units @ $40

Mar. 14

Purchase

250 units @ $15 =

3,750

 

Mar. 15

Sales.

 

 

140 units @ $40

July 30

Purchase

400 units @ $20 =

8,000

 

Oct. 5

Sales

 

 

300 units @ $40

Oct. 26

Purchase 

600 units @ $25 =

15,000

 

 

Totals

 

1,350 units

 

$27,750

 

530 units

 

Harold uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method.

Assume that ending inventory is made up of 100 units from the March 14 purchase, 120 units from the July 30 purchase, and all 600 units from the October 26 purchase. Using the specific identification method, calculate (a) the cost of goods sold and (b) the gross profit.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 07:07 PM My Price 8.00

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