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What is the expected value of ending inventory on sept

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Reference no: EM132741683

Question - Kalakaua Wholesale provided the following information related to its inventory for the quarter ended Sept 30th.

DATE UNITS COST/UNIT TOTAL COST

Opening Inventory July 1 50 $9.00 $450.00

Purchase August 3 50 $10.00 $500.00

Purchase September 7 50 $10.70 $535.00

TOTAL 150 $1,485.00

During the quarter, the sales were as follows:

DATE UNITS SELLING PRICE/UNIT TOTAL SALES

Sale July 15 30 $15.00 $450.00

Sale August 15 40 $16.00 $640.00

Sale September 15 30 $17.00 $510.00

TOTAL 100 $1,600.00

Required -

1. Calculate the number of units in ending inventory.

2. Assuming Kalakaua Wholesale uses a perpetual inventory system and weighted average costing, what is the expected value of ending inventory on Sept 30 th.

3. Assuming Kalakaua Wholesale Company uses a perpetual inventory system and FIFO costing, what is the expected value of cost of goods sold for the quarter ended Sept 30 th.

4. Assuming Kalakaua Wholesale Company uses a perpetual inventory system and FIFO costing, what is the reported gross profit (margin) on sales for the quarter ended Sept 30 th.

Reference no: EM132741683

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