Business, 21.03.2020 09:58, adriandehoyos1p3hpwc

Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Concord Company uses a perpetual inventory system.

Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning inventory 110 $55
3/3 Purchase 66 $60
3/4 Sales 66 $120
3/10 Purchase 220 $65
3/16 Sales 99 $130
3/19 Sales 77 $130
3/25 Sales 55 $130
3/30 Purchase 44 $75

Instructions:
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the FIFO assumption, calculate the value of ending inventory for March.
(c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)

Answers: 1

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Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the...