Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the cog company sells many products. tog is one of

The Cog Company sells many products. Tog is one of its popular items. Below is...

80.2K

Verified Solution

Question

Accounting

The Cog Company sells many products. Tog is one of its popular items. Below is an analysis of the inventory purchases and sales of Tog for the month of March:

3/1 Beginning inventory 80 units at $10

3/5 Sold 40 units at $15

3/10 Purchased 120 units at $11

3/15 Sold 90 units at $15

3/20 Purchased 100 units at $12

3/25 Sold 80 units at $15

Part 1 - Provide the following assuming Cog Company uses a perpetual inventory system.

FIFO perpetual

1) Ending Inventory $

2) Cost of Goods Sold $

3) Gross Profit $

LIFO perpetual

4) Ending Inventory $

5) Cost of Goods Sold $

6) Gross Profit $

Moving Average perpetual

7) Ending Inventory $

8) Cost of Goods Sold $

9) Gross Profit $

Part 2 - Now, provide the following assuming Cog Company uses a periodic inventory system.

FIFO - periodic 10) Ending Inventory $

LIFO periodic 11) Ending Inventory $

Weighted Average - periodic 12) Ending Inventory $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students