CCC Company uses the LIFO (Last In First Out) inventory method. The Company has

Question

CCC Company uses the LIFO (Last In First Out) inventory method. The Company has the following inventory items and costs for the Period. Beginning inventory of 3 units purchased for $4,100 each. January 20, purchase 2 units for $4,200 each. February 3, purchase 3 units for $4,500 each. February 14, sold 5 units for $5,100 each. How many units does the company have in inventory at the end of the quarter on March 31?3 What is the total cost of the units in inventory at March 31? $ 8700 What is the total Sales for the quarter ending March 31? $17900 What is the Cost of Goods Sold for the quarter ending March 31? $16800 What is Gross Margin for the quarter ending March 31? $4100

Explanation / Answer

How many units does the company have in inventory at the end of the quarter on March 31? 3 Units What is the total cost of the units in inventory at March 31? $        12,300 ( 3 units x $4100) What is the total sales for the quarter ending March 31? $        25,500 (5 units x $5100) What is the cost of goods sold for the quarter ending March 31? $        21,900 (2*4200+3*4500) What is gross margin for the quarter ending March 31? $          3,600 (25500 - 21900)

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