WileyPLUS al Exam Kimmel, Financial Accounting, 8e Help I System Announcements C
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WileyPLUS al Exam Kimmel, Financial Accounting, 8e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEXT ES Exercise 216 (Part Level Submission) t Woodson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Woodson Company uses the perpetual inventory system Purchases Sales vel Unit Units Price/Unit Selling 3/1 Beginning inventory 100 3/3 Purchase UnitsCost $40 $50 60 02 03 07 60 $80 3/4 Sales 3/10 Purchase 3/16 Sales 3/19 Sales 3/25 Sales 200 $55 90 70 60 $90 $90 $90 n11 40 $60 Study 3/30 Purchase Using the FIFO assumption, calculate the amount charged to cost of goods soid for March. Cost of goods sold Click if you would like to Show Work for this question: Open Show Work Attempts: o of 3 used SAVE FOR LATER SUBMIT ANSWERExplanation / Answer
Amount charged to cost of goods sold for March = $13,600
FIFO Method - Inventory Schedule
Date
Goods Purchased
Cost of goods sold
Inventory Balance
# of Units
Cost per unit
Total Cost
# of Units
Cost per unit
Cost of goods sold
# of Units
Cost per unit
Inventory Balance
3/1
100
40
4,000
3/3
60
50
3,000
100
40
4,000
60
50
3,000
3/4
60
40
2,400
40
40
1,600
60
50
3,000
3/10
200
55
11,000
40
40
1,600
60
50
3,000
200
55
11,000
3/16
40
40
1,600
10
50
500
50
50
2,500
200
55
11,000
3/19
10
50
500
140
55
7,700
60
55
3,300
3/25
60
55
3,300
80
55
4,400
3/30
40
60
2,400
80
55
4,400
40
60
2,400
TOTAL
$13,600
Date
Goods Purchased
Cost of goods sold
Inventory Balance
# of Units
Cost per unit
Total Cost
# of Units
Cost per unit
Cost of goods sold
# of Units
Cost per unit
Inventory Balance
3/1
100
40
4,000
3/3
60
50
3,000
100
40
4,000
60
50
3,000
3/4
60
40
2,400
40
40
1,600
60
50
3,000
3/10
200
55
11,000
40
40
1,600
60
50
3,000
200
55
11,000
3/16
40
40
1,600
10
50
500
50
50
2,500
200
55
11,000
3/19
10
50
500
140
55
7,700
60
55
3,300
3/25
60
55
3,300
80
55
4,400
3/30
40
60
2,400
80
55
4,400
40
60
2,400
TOTAL
$13,600
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