A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $63. During December, the store completed. these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 1. The preceding data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. Swoosh Sports uses FIFO This is apparent from the flow of costs out of inventory. For example, the December 13 sale shows unit cost of $34, which came from the beginning inventory FIFO, and only FIFO, works. Requirement 2. Determine the store's cost of goods sold for December. Also compute gross The cost of goods sold is $ 3,110 The gross profit for December is $2,539 Requirement 3. What is the cost of the store's December 31 inventory of running shoes? The cost of the company's inventory at December 31 is 2106 Data table Dec 2 Dec 9 Dec 13 Dec 18 Dec 22 Dec 29 Sale Purchase Sale Sale Sale Purchase Print Units 20 82 27 11 31 27 Unit Cost $ Done . This is how Unit Sales Price 34 $ 36 34 36 36 38 63 63 64 64 - X

A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $63. During December, the store completed. these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 1. The preceding data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. Swoosh Sports uses FIFO This is apparent from the flow of costs out of inventory. For example, the December 13 sale shows unit cost of $34, which came from the beginning inventory FIFO, and only FIFO, works. Requirement 2. Determine the store's cost of goods sold for December. Also compute gross The cost of goods sold is $ 3,110 The gross profit for December is $2,539 Requirement 3. What is the cost of the store's December 31 inventory of running shoes? The cost of the company's inventory at December 31 is 2106 Data table Dec 2 Dec 9 Dec 13 Dec 18 Dec 22 Dec 29 Sale Purchase Sale Sale Sale Purchase Print Units 20 82 27 11 31 27 Unit Cost $ Done . This is how Unit Sales Price 34 $ 36 34 36 36 38 63 63 64 64 - X

Name: A Swoosh Sports outlet store began December 2021 with 47 pairs of run
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Description: A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $63. During December, the store completedthese inventory transactions:(Click the icon to view the invento

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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