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Determine the cost of goods sold for march

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Reference no: EM131785643

Question - Spring Garden Supply, which uses the LIFO nethod, began March with 50 units of inventory that cost $15 each. During March, spring Garden Supply completed these inventory transactions:

March 2 Purchase(number of units) 12, (Unit cost)$20,

March 8 sale(uumber of units) 40, (Unit sale price)$36

March 12 purchase(unmber of nuits)24,(unit cost)$25

March 22 sale(number of units) 31, (unit sale price)$40

Requirements

1. Prepare a perpetual inventory record for Spring Garden Supply's merchandise.

2. Determine the cost of goods sold for March.

3. Compute gross profit for March.

Reference no: EM131785643

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