The Following Data Is Available for One of the Products

question 130

Essay

The following data is available for one of the products sold by Chancet Company,which uses a perpetual inventory system:
$$\begin{array} { l l r } \text { April } 1 & \text { On hand 10 urits at \$8 each } & 80 \\5 & \text { Purchased 30 urits at \$7.80 each } & 234 \\18 & \text { Purchased 40 urits at \$8.25 each } & 330 \\20 & \text { Sold 75 units for \$13 each } & \\24 & \text { Purchased 20 urits for \$8.25 each } & 165\end{array}$$
Chancet Company's ending inventory for April was 25 units.
Complete the table by determining the amounts of April 30th inventory,cost of goods sold,and gross margin under each of the inventory costing methods listed below.
Ending Inventory Cost of Goods Sold Gross Margin
A)FIFO
B)LIFO
C)Moving Average Cost

• A)FIFO
• B)LIFO
• C)Moving Average Cost

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Definitions:

Young People

Individuals in their early life stages, generally considered to be in the age range from adolescence to early adulthood.

Careers

The progression of occupational roles or jobs that a person undertakes over their working lifetime, often related to their skills and interests.

First Marriage

The initial matrimonial union of an individual, before any potential subsequent marriages.

Young People

Individuals in their late childhood to early adulthood, often considered to encompass teenagers and those in their early 20s.