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+ 1 A0 Read aloud V Draw Highlight 2....

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Accounting

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+ 1 A0 Read aloud V Draw Highlight 2. The following inventory transactions took place for Grant Company for the month of March 2020: arks Cost/Selling Date Event Quantity Price Mar 1 Beginning inventory 2,030 $ 3.30 Mar 5 Purchase 5,200 $ 3.50 Mar 10 Purchase 4,060 $ 3.60 Mar 15 Sale 5,730 $ 6.20 Mar 20 Sale 2,050 $ 6.20 Mar 22 Purchase 3,880 $ 3.80 Mar 24 Purchase 2,060 $ 3.80 Mar 25 Sale 5,985 $ 6.20 Required: (a) Calculate the closing inventory and cost of goods sold under the following inventory methods: i) Periodic, weighted average cost ii) Perpetual, moving average cost iii) Periodic, FIFO (b) For each method above, determine the gross profit for the month. (c) Prepare the entry/entries to record the cash sale on March 25, assuming that the perpetual moving average cost method is used. a

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