Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Number of Units Per Unit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Number of Units Per Unit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year:
| Date | Transaction | Number of Units |
Per Unit |
| Jan. 1 | Beg. Inv. | 50 | $15 |
| Jan. 15 | Purchase | 100 | $18 |
| Feb. 15 | Purchase | 120 | $21 |
| March 15 | Purhcase | 80 | $25 |
Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15.
Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions:
| Specific Identification |
First-In, First-Out |
Last-In, First-Out |
Weighted Average Cost |
|
| Cost of Goods Sold | fill in the blank | fill in the blank | fill in the blank | fill in the blank |
| Ending Inventory | fill in the blank | fill in the blank | fill in the blank | fill in the blank |
| Gross Margin | fill in the blank | fill in the blank | fill in the blank | fill in the blank |
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