FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method.
| Apr.1 | Beginning Inventory | 60 units @ $22 = $1,320 |
| Apr. 12 | Purchase 1 | 30 units @ $23 = $690 |
| Apr. 18 | Sale 1 | 15 units |
| Apr. 20 | Purchase 2 | 15 units @ $25 = $375 |
| Apr. 29 | Sale 2 | 50 units |
Using the FIFO inventory method, what is the Gross Margin for December?
| Show your calculations |
Blank 1. Fill in the blank, read surrounding text. |
| Gross Margin for December | Blank 2. Fill in the blank, read surrounding text. |
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