The following pertain to the cost of Hs only inventory item: Inventory on...
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Accounting
The following pertain to the cost of Hs only inventory item:
Inventory on hand, January 1 295 units @ $50 per unit
Purchases, January 12 590 units @ $88 per unit
Purchases, January 20 450 units @ $91 per unit
Purchases, January 31 300 units @ $93 per unit
1,635
Sales, January 5 75 units @ $200 per unit
Sales, January 15 350 units @ $200 per unit
Sales, January 22 550 units @ $200 per unit
Sales, January 30 140 units @ $200 per unit
1,115 (1,115 x $200 = $223,000)
Calculate COGS AND GP for January AND EI as of 01-31 assumingH uses perpetual LIFO
EI:
COGS:
Gross profit:
Calculate COGS AND GP for January AND EI as of 01-31 assumingH uses a moving average method and rounds the unit cost to the nearest penny each time it performs an average calculation
EI:
COGS:
Gross profit:
Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS.
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