Grayson Company Sells Many Products

question 80

Essay

Grayson 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. Grayson Company uses the perpetual inventory system. Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the FIFO assumption, calculate the value of ending inventory for March.
(c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)

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Definitions:

Public Interest Groups

Organizations that seek to influence government policy in ways that benefit the general public or a broad segment of it, rather than specific interests.

Affect Policy

Measures or strategies that aim to influence or change societal attitudes, feelings, or emotional responses towards certain issues or policies.

Elites

A select group of people with a high socioeconomic status that have significant influence or authority over others.

Popular Democrats

Members or supporters of the Democratic Party who emphasize appealing to the general populace.