Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Sale fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Purchase fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Sale fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 Total Purchases $fill in the blank 46 Total COGS $fill in the blank 47 Gross Margin, FIFO perpetual Sales $fill in the blank 48 COGS fill in the blank 49 Gross Margin $fill in the blank 50

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Sale fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Purchase fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Sale fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 Total Purchases $fill in the blank 46 Total COGS $fill in the blank 47 Gross Margin, FIFO perpetual Sales $fill in the blank 48 COGS fill in the blank 49 Gross Margin $fill in the blank 50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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	Number of Units	Unit Cost	Sales
Beginning Inventory	260	$140
Sold	160		$180
Purchased	510	143
Sold	400		182
Purchased	420	150
Sold	370		184
Ending Inventory	260

FIFO (perpetual) Inventory
	Cost of Goods Purchased	Cost of Goods Sold	Cost of Inventory Remaining
	Number of Units	Unit Cost	Total Cost	Number of Units	Unit Cost	Total Cost	Number of Units	Unit Cost	Total Cost
Beginning							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Sale				fill in the blank 4	$fill in the blank 5	$fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9
Purchase	fill in the blank 10	$fill in the blank 11	$fill in the blank 12				fill in the blank 13	fill in the blank 14	fill in the blank 15
							fill in the blank 16	fill in the blank 17	fill in the blank 18
Sale				fill in the blank 19	fill in the blank 20	fill in the blank 21
				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
Purchase	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
							fill in the blank 34	fill in the blank 35	fill in the blank 36
Sale				fill in the blank 37	fill in the blank 38	fill in the blank 39
				fill in the blank 40	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44	fill in the blank 45
	Total Purchases	$fill in the blank 46	Total COGS	$fill in the blank 47

Gross Margin, FIFO perpetual
Sales	$fill in the blank 48
COGS	fill in the blank 49
Gross Margin	$fill in the blank 50

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