Woodson Company sells many products. Gizmo is one of its popular items. Below is an...
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Accounting
Woodson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Woodson Company uses the perpetual inventory system.
|
| Purchases |
|
| Sales |
|
| Units | Unit Cost | Units | Selling Price/Unit |
| 3/1 | Beginning inventory | 100 | $40 |
| 3/3 | Purchase | 60 | $50 |
| 3/4 | Sales |
|
| 60 | $80 |
| 3/10 | Purchase | 200 | $55 |
| 3/16 | Sales |
|
| 90 | $90 |
| 3/19 | Sales |
|
| 70 | $90 |
| 3/25 | Sales |
|
| 60 | $90 |
| 3/30 | Purchase | 40 | $60 |
Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (b) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
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