Question 1. A company's inventory records indicate the following data for the month of April.
1. april 1 beginning 350 units at 18$ each
2. april 5 purchase 290 units at 20$ each
3. april 9 sale 500 units at 55$each
4. april 14 purchase 250 units at 22$each
5. april 20 sale 200 units at 55$ each
6. april 30 purchase 240 units at 25$ each
If the company uses the first-in, first-out (FIFO) method and the perpetual inventory system, what is the amount of cost of goods sold for April? Hint: COGS for the month of April is a number between 13,000 and 14,000 dollars
Question 2. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale assuming the company uses FIFO inventory valuation and a perpetual inventory system. Hint: Gross profit is a number between $200 and $300.
1. january 1 purchased 100 units at 10$ per unit
2. february 5 purchased 60 units at 12$ per unit
3. march 16 sold 40 units for 16$ per unit
Question 3. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale assuming the company uses LIFO inventory valuation and a perpetual inventory system. Hint: Gross profit is a number between $100 and $200.
1. January 1 purchased 100 units at 10$ per unit
2. February 5 purchased 60 units at 12$ per unit
3. March 16 purchased 40 units for 16$ per unit