Calculate the gross margin for fifo and lifo method

Assignment Help Financial Accounting

Reference no: EM13125444

Harold Co. reported the following current-year purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 110 units @ $10.40 = $ 1,144
Jan. 10 Sales 100 units @$40.40
Mar. 14 Purchase 260 units @ $15.40 = 4,004
Mar. 15 Sales 150 units @$40.40
July. 30 Purchase 410 units @ $20.40 = 8,364
Oct. 5 Sales 290 units @$40.40
Oct. 26 Purchase 610 units @ $25.40 = 15,494

Totals 1,390 units $ 29,006 540 units

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO

Compute the gross margin for FIFO and LIFO method.

Reference no: EM13125444

Questions Cloud

Calculate the molar concentration of oh - ions : Calculate the molar concentration of OH - ions in an 01.33 M solution of hypobromite ion, BrO- (Kb = 4.0 10-6).

Discuss the significant differences between two approaches : The convergence process is likely to lead to the acceptance of the IFRS approach. Explain whether or not you agree with this decision.

How can diacetylmorphine be ionised in the blood : How can diacetylmorphine be ionised in the blood and what will the effects of this be on the molecule in circulation? (I assume that it will be more soluble?)

Find probability of receiving four calls in five minutes : Use appropriate Excel functions to solve the following questions: Compute the probability of receiving four calls in a five-minute interval of time.

Calculate the gross margin for fifo and lifo method : Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Calculate the gross margin for FIFO and LIFO method.

Explain how many colony-forming units : Ten grams of hamburger were added to 90 mL of sterile buffer. This was mixed well in a blender. One-tenth of a mL of this slurry was added to 9.9 mL of sterile buffer.

What is the pressure inside a system : What is the pressure inside a system when the system-side column in an open mercury manometer is 75.0 mm lower than the atmosphere side when the atmospheric pressure is 735 mm Hg.

Elucidate the difference in operating income for january : Elucidate the difference in operating income for January, February, and March under variable costing and absorption costing.

Find the minimum life requirement for a battery : Assume battery life is normally distributed. Batteries in the lower 10% do not meet minimum life requirements. What is the minimum life requirement for a battery?

User Account

All Pages