Business, 20.10.2020 16:01 gizmo50245

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

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Answer from: bambamshortymacc

Question Completion:

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows:

Date Transaction No. of Units Per Unit Total

March 3 Inventory 66 $225 $14,850

March 8 Purchase 132 270 35,640

March 11 Sale 88 750 66,000

March 30 Sale 55 750 41,250

April 8 Purchase 110 300 33,000

April 10 Sale 66 750 49,500

April 19 Sale 33 750 24,750

April 28 Purchase 110 330 36,300

May 5 Sale 66 790 52,140

May 16 Sale 88 790 69,520

May 21 Purchase 198 360 71,280

May 28 Sale 99 790 78,210

Keats Office Supplies

Total sales (495 units) = $381,370

Cost of goods sold $147,510

Gross profit $233,860

Explanation:

a) Data and Calculations:

Date Transaction No. of Units Per Unit Costs Revenue

March 3 Inventory 66 $225 $14,850

March 8 Purchase 132 270 35,640

March 11 Sale -88 750 66,000

March 30 Sale -55 750 41,250

April 8 Purchase 110 300 33,000

April 10 Sale -66 750 49,500

April 19 Sale -33 750 24,750

April 28 Purchase 110 330 36,300

May 5 Sale -66 790 52,140

May 16 Sale -88 790 69,520

May 21 Purchase 198 360 71,280

May 28 Sale -99 790 78,210

Total:

Cost of goods available 616 -495 = 121 $191,070 $381,370

May 31 Ending Inventory, using FIFO = 121 units 360 $43,560

Cost of goods sold = Cost of goods available for sale Minus Ending Inventory = $191,070 - $43,560 = $147,510

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Answer from: Quest

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