The Records of Dollars 2 Donuts Ltd Assuming the Periodic Inventory System Is Used Complete the Following

question 42

Essay

The records of Dollars 2 Donuts Ltd.showed the following for June: $$\begin{array} {| l |l| } \hline\text { Sales } \ldots \ldots \ldots \ldots \ldots \ldots & 4,200 \text { units at } \$ 200 \text { each } \\\hline\text { Purchase } \ldots \ldots \ldots \ldots \ldots & 4,000 \text { units at } \$ 150 \text { each } \\\hline \text { Beginning Inventory } \ldots \ldots \ldots & 6,000 \text { units at } \$ 100 \text { each }\\\hline\end{array}$$ Assuming the periodic inventory system is used complete the following tabulation. $$\begin{array} { | l | l| l| } \hline & \text { FIFO } & \text { Weighted Average } \\\hline \text { (1) Sales ....... } & \$ \_\_\_ & \$\_\_\_ \\\text { (2) Cost of goods sold. . } &\$ \_\_\_ & \$\_\_\_ \\\text { (3) Gross margin. .... } & \$ \_\_\_ & \$\_\_\_ \\\text { (4) Ending inventory... } &\$ \_\_\_ & \$\_\_\_ \\\hline\end{array}$$ Computations:
FIFO:
Weighted Average:

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Definitions:

Production Possibilities

The different quantities of goods and services that an economy can produce given its available resources and technology, as represented by a production possibility curve.

Better Technology

Improvements or advancements in technology that increase efficiency or productivity.

Concave Production Possibilities Curve

A graphical representation indicating increasing opportunity costs as more of one good is produced, resulting in a bowed-out shape.

Economic Resources

These are the assets, materials, and inputs used to produce goods and services, including labor, capital, and natural resources.