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Calculate the number of units sold during the month of April

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Question - The following data are available for a month of April for XXX Company, the physical count at the end of the month showed that 130 are still available in the store

Date

No. Of Units / Cost Per Unit

Total Cost

April 1 Inventory

120 Units at $8.00 each

$960

April 10 Purchase

200 Units at $8.20 each

$1640

April 20 Purchase

410 Units at $8.50 each

$3485

April 28 Purchase

110 Units at $9.00 each

$990

Required -

1 - Calculate the number of units sold during the month of April, calculate the sales revenue of April assuming a selling price of $15 a unit

2 - Calculate cost of goods sold and cost of ending inventories assuming LIFO method is used

3 - Calculate the gross profit for the month of April assuming LIFO is used

4 - If the Mid day of April 30 and in a couple of hours you will be submitting a report of April activities you are concerned that you have not achieved you target gross profit for the month of April, your accountant wanted to help and suggested that you may do that by returning the last purchase you made yesterday on April 28, do you agree with her? And explain?

Reference no: EM132484562

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