BobCat purchases and resells plush toys. The toys sell for $20 per unit. Purchase prices...
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BobCat purchases and resells plush toys. The toys sell for $20 per unit. Purchase prices of the toys fluctuates. Information relating to inventory purchases and sales is below. In the next questions, you will be asked to calculate COGS, EI and Gross Margin using a periodic system with average, LIFO and FIFO cost flow assumptions and using a perpetual system with FIFO, and LIFO cost flow assumptions.
Periodic weighted average COGS, Gross Margin and Ending Inventories,FIFO Periodic COGS and Ending Inventories,LIFO Perpetual COGS and Ending Inventories,FIFO Perpetual Gross profit and ending inventories,LIFO Periodic COGS and Ending Inventories are:
Please, round weighed average cost per item to two decimal points (e.g. 10.56)
Date
Purchases
Sold
Balance
3/1
1,000 units @ $3.90
3/5
3,000 units @ $4.00
4,000 units
3/15
2,000 @ $20.00
2,000 units
3/20
4,000 units @ $4.20
6,000 units
3/23
3,000 @ $20.00
3,000 units
3/30
1,000 units @ $4.50
5,000 units
Answer & Explanation
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