Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a grocery store buys italian gelato from different

A grocery store buys Italian gelato from different suppliers and sells the desserts to its...

50.1K

Verified Solution

Question

Accounting

A grocery store buys Italian gelato from different suppliers and sells the desserts to its customers for $5 per pint. In September, the following purchases and sales occurred. You are to find the COGS, ending inventory and Gross Margin using FIFO and LIFO.

  • September 2, purchase 30 pints at $2.50 each
  • September 6, purchase 20 pints at $3 each
  • September 20, purchase 25 pints at $4 each
  • September 5-8, sell 10 pints to customers
  • September 9-19, sell 20 pints
  • September 21- 30, sell 35 pints

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Piedmont glaciersoccur when glaciers emerge from a steep mountain valley onto broad lowlandscompletely cover underlying...

Biology
Q

Describe the 4 main ligaments and 2 cartilaginous structures of the knee. Include: The location, function...

Medical Sciences
Q

Directional Selection 0 00 0 00 A C B Popula Original population Speed 1x Paused...

Biology
Q

Let g(x)=x-(1/x).Determine the equation of the tangent line to g at (-6, - 35/6)Report the...

Calculus
Q

0 027t The 495 million exponential model A 420 8e describes the population A of...

Algebra
Q

please do fully Road Warrior Corporation assembles handheld computers that have scaled-down capabilities of...

Accounting
Q

In its annual report, WAM Athletic Supply, Inc. includes the following five-year financial summary: EEB...

Accounting
Q

17.1 Stellar Company has the following investments as of December 31, 2020: ...

Accounting
Q

The text states that the cost method is normally used to record the purchase and...

Accounting
Q

Waldon, Trent, and Wizer decide to form a T-shirt design partnership. Alison Waldon figures this...

Accounting
Q

Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for...

Accounting
Q

Harry has just started a business with $500,000 of assets, funded by $300,000 of personal...

Finance