The Following Data Is Available for One of the Products

question 67

Essay

The following data is available for one of the products sold by Chancet Company,which uses a perpetual inventory system:
$\begin{array}{lll}\text { April } & 1 &\text { On hand, } 10 \text { units at } \$ 8 \text { each }&\$80 \\& 5 & \text { Purchased } 30 \text { units at } \$ 7.80 \text { each } &234\\& 18 & \text { Purchased } 40 \text { units at } \$ 8.25 \text { each } &330\\& 20 & \text { Sold } 75 \text { units for } \$ 13 \text { each } \\&24 & \text { Pưchased } 20 \text { units for } \$ 8.25 \text { each }&165\end{array}$ 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:

Payees

Individuals or entities to whom money is to be paid or is owed.

Discrepancy

A lack of compatibility or similarity between two or more facts, figures, or findings leading to a deviation from what is expected or agreed upon.

Numeric Field

A field in databases or software applications designated for numerical data.

Description Line

A specific line of text that provides detailed information about a product, service, or document, often found in catalogs, invoices, or online listings.