Reference no: EM132746049
During January:
1 - Beginning inventory - 2,000 units at P508 - Purchases - 9,000 units at P52
10 - Sales - 1,500 units at P130
14 - Purchases - 3,000 units at P55
20 - Sales - 8,000 units at P135
29 - Purchases - 1,500 units at P59
Problem a. Using the FIFO cost flow, how much is the cost of inventory at January 31?
Problem b. Using the weighted average method, how much is the gross profit during the month of January?
Problem c. If the units sold on January 10 are specifically identified as originating from the beginning balance on January 1 and the January 20 sales are specifically identified as originating from January 8 purchase, how much is the cost of the goods sold during January?
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