The following data pertain to Cross Company (assume a perpetual inventory system)for the month ended January 31, 2019: $\begin{array}{rlrcc}
\text { Date } & \text { Description } & \text { Units } & \text { Unit Cost } & \text { Unit SellingPrice } \
\text { Jan. 1 } & \text { Beg. Inventory } & 10 & \$ 50 & \
5 & \text { Purchase } & 25 & 52 & \
10 & \text { Sale } & (6) & & \$ 80 \
16 & \text { Sale } & (10) & & 82 \
20 & \text { Purchase } & 12 & 55 & \
25 & \text { Sale } & (20) & & 85
\end{array}$
Required:
1. Compute the cost of goods sold and ending inventory under FIFO.
2. Compute Gross Margin under FIFO

Question

The following data pertain to Cross Company (assume a perpetual inventory system)for the month ended January 31, 2019: $\begin{array}{rlrcc}
\text { Date } & \text { Description } & \text { Units } & \text { Unit Cost } & \text { Unit SellingPrice } \
\text { Jan. 1 } & \text { Beg. Inventory } & 10 & \$ 50 & \
5 & \text { Purchase } & 25 & 52 & \
10 & \text { Sale } & (6) & & \$ 80 \
16 & \text { Sale } & (10) & & 82 \
20 & \text { Purchase } & 12 & 55 & \
25 & \text { Sale } & (20) & & 85
\end{array}$
 Required:
1. Compute the cost of goods sold and ending inventory under FIFO.
2. Compute Gross Margin under FIFO

Quizplus · Accepted Answer

The Answer of The following data pertain to Cross Company (assume a perpetual inventory system)for the month ended January 31, 2019: $\begin{array}{rlrcc}
\text { Date } & \text { Description } & \text { Units } & \text { Unit Cost } & \text { Unit SellingPrice } \
\text { Jan. 1 } & \text { Beg. Inventory } & 10 & \$ 50 & \
5 & \text { Purchase } & 25 & 52 & \
10 & \text { Sale } & (6) & & \$ 80 \
16 & \text { Sale } & (10) & & 82 \
20 & \text { Purchase } & 12 & 55 & \
25 & \text { Sale } & (20) & & 85
\end{array}$
 Required:
1. Compute the cost of goods sold and ending inventory under FIFO.
2. Compute Gross Margin under FIFO

The Following Data Pertain to Cross Company (Assume a Perpetual