Sam's Corner Store Has the Following Purchase and Sales Information

question 113

Essay

Sam's Corner Store has the following purchase and sales information for one of their inventory items: $\begin{array} { | l | l | c | c | c | } \hline { \text { Date } } && \text { Units } & \$ \text { Unit } & \text { Total } \\\hline \text { Feb 1 } & \text { Opening inventory } & 10 & \$ 8 & \$ 80 \\\hline \text { Feb 9 } & \text { Purchase } & 25 & \$ 9 & \$ 225 \\\hline \text { Feb 15 } & \text { Sale } & 15 & \$ 15 & \$ 225 \\\hline \text { Feb 17 } & \text { Purchase } & 20 & \$ 11 & \$ 220 \\\hline \text { Feb 25 } & \text { Sale } & 10 & \$ 16 & \$ 160 \\\hline\end{array}$ Required:
For (a)and (b)assume the company uses the periodic inventory system.
(a)Calculate the gross profit if the company uses first-in, first-out (FIFO)
(b)Calculate the value of the ending inventory if the company uses weighted average.
For (c)and (d)assume the company uses the perpetual inventory system.
(c)What is the cost of goods sold for the Feb 25 sale if the company uses weighted average to cost the inventory?
(d)What is the value of the ending inventory if the company uses FIFO?

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Definitions:

CCP

Can refer to Cyclic Citrullinated Peptide, an antibody often found in the blood of people with rheumatoid arthritis, used as a marker for diagnosing the disease.

Phone Number

A sequence of digits used to call or identify a particular telephone line.

Caller

An individual who makes a telephone call, often used in contexts ranging from customer service to emergency response.

Referrals

Recommendations or orders to see a specialist or to utilize specific services.