The Following Data Pertain to Cross Company (Assume a Perpetual

question 38

Essay

The following data pertain to Cross Company (assume a perpetual inventory system)for the month ended January 31, 2019: $\begin{array}{rlrcc}\text { Date } & \text { Description } & \text { Units } & \text { Unit Cost } & \text { Unit SellingPrice } \\\text { Jan. 1 } & \text { Beg. Inventory } & 10 & \$ 50 & \\5 & \text { Purchase } & 25 & 52 & \\10 & \text { Sale } & (6) & & \$ 80 \\16 & \text { Sale } & (10) & & 82 \\20 & \text { Purchase } & 12 & 55 & \\25 & \text { Sale } & (20) & & 85\end{array}$
Required:
1. Compute the cost of goods sold and ending inventory under FIFO.
2. Compute Gross Margin under FIFO

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Definitions:

Business Necessity Defense

A legal principle that allows employers to justify business practices that may be discriminatory if essential for the operation of the business.

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