The Following Data Is Available for One of the Products

question 49

Essay

The following data is available for one of the products sold by Wild Optics Company,which uses the periodic inventory system:
At the end of December,Wild Optics had 25 units on hand.The 75 units sold created revenue of $13 each.Determine the amounts for the December 31 ending inventory,the cost of goods sold for December,and the gross margin for December for each of the inventory costing methods listed below.
$$\begin{array} { r l r } \text { Dec. } 1 & \text { On hand, } 10 \text { units at } \$ 8.00 \text { each } & \$ 80 \\5 & \text { Purchased 30 units at } \$ 7.80 \text { each } & 234 \\18 & \text { Purchased } 40 \text { units at } \$ 8.15 \text { each } & 326 \\24 & \text { Purchased 20 units at } \$ 8.25 \text { each } & 165 \\& \text { Available for sale during December-100 units } & \$ 805\end{array}$$ ?
$$\begin{array} {| l | l | l | l| } \hline& \text { Ending Inventory } & \text { Cost of Goods Sold } & \text { Gross Profit } \\\hline \text { a. Weighted average } & & & \\\hline \text { b. FIFO } & & & \\\hline \text { c. LIFO } & & & \\\hline\end{array}$$

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Definitions:

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