Bristol sales had the following transactions for dvds in, Ask an Expert

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Bristol Sales had the following transactions for DVDs in 2012, its first year of operations. • Jan. 20 .Purchased 75 units©$17 = $1,275.00 • Apr. 21 Purchased 450 units © $19 = $8,550.00 • July 25 Purchased 200 units © $23 = $4,600.00 [Sept. 19 Purchased 100 units@$29 =.. $2,900.00 - During the year, Bristol Sales sold 775 DVDs for $60 each. Required A. Compute the amount of ending inventoryBristolwould report on the balance sheet, assume the following cost flow assumptions:

(1) FIFO, (2) LIFO, and (3) weighted average. B. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, wand (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. C. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944782

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