Inventory Costing Methods Terpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data: Activity Units Purchase Price (per unit) Sale Price (per unit) 2018 Beginning inventory 100 $45 Purchase 1, Feb. 25 700 52 Sale 1, Apr. 15 600 $90 Purchase 2, Aug. 30 500 56 Sale 2, Nov. 13 600 90 Purchase 3, Dec. 20 400 58 2019 Sale 3, Mar. 8 400 90 Purchase 4, June 28 900 62 Sale 4, Dec. 18 200 90 . For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2018 2019 Cost of goods sold $fill in the blank 13 $fill in the blank 14 Cost of ending inventory $fill in the blank 15 $fill in the blank 16 Gross margin $fill in the blank 17 $fill in the blank 18 LIFO METHOD INVENTORY TURNOVER 2018??
Inventory Costing Methods Terpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data: Activity Units Purchase Price (per unit) Sale Price (per unit) 2018 Beginning inventory 100 $45 Purchase 1, Feb. 25 700 52 Sale 1, Apr. 15 600 $90 Purchase 2, Aug. 30 500 56 Sale 2, Nov. 13 600 90 Purchase 3, Dec. 20 400 58 2019 Sale 3, Mar. 8 400 90 Purchase 4, June 28 900 62 Sale 4, Dec. 18 200 90 . For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2018 2019 Cost of goods sold $fill in the blank 13 $fill in the blank 14 Cost of ending inventory $fill in the blank 15 $fill in the blank 16 Gross margin $fill in the blank 17 $fill in the blank 18 LIFO METHOD INVENTORY TURNOVER 2018??
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 72BPSB: ( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019....
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Inventory Costing Methods
Terpsichore Company uses a perpetual inventory system. For 2018 and 2019, Terpsichore has the following data:
Activity | Units | Purchase Price (per unit) |
Sale Price (per unit) |
|||
2018 | ||||||
Beginning inventory | 100 | $45 | ||||
Purchase 1, Feb. 25 | 700 | 52 | ||||
Sale 1, Apr. 15 | 600 | $90 | ||||
Purchase 2, Aug. 30 | 500 | 56 | ||||
Sale 2, Nov. 13 | 600 | 90 | ||||
Purchase 3, Dec. 20 | 400 | 58 | ||||
2019 | ||||||
Sale 3, Mar. 8 | 400 | 90 | ||||
Purchase 4, June 28 | 900 | 62 | ||||
Sale 4, Dec. 18 | 200 | 90 |
. For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
2018 | 2019 | |
Cost of goods sold | $fill in the blank 13 | $fill in the blank 14 |
Cost of ending inventory | $fill in the blank 15 | $fill in the blank 16 |
Gross margin | $fill in the blank 17 | $fill in the blank 18 |
LIFO METHOD
INVENTORY TURNOVER 2018??
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