Westover Incorporated has the following inventory lots on June 1, 2019. Inventory Lot H12 H13 Date 5/22 5/27 Units 2,000 1,000 Cost/Unit $5.50 $5.75 Total Cost $11,000 $5,750 Westover uses the FIFO cost flow assumption. On June 4, 2019, Westover sells 2,400 units of inventory at a price of $10 per unit. Unless otherwise noted, your answers should be in whole dollar amounts but without a $ sign. 1. What is the cost of goods sold for Westover's June 4 sale? 2. What is the gross profit realized from the June 4 sale? 3. What is the gross profit margin percentage for the June 4 sale? Enter your answer as a percentage, rounded to one decimal point: 4 Assume that Westover purchases 1,500 additional units of inventory at a cost of $5.85 per unit on June 11. What is the carrying value of inventory after that purchase?.

Westover Incorporated has the following inventory lots on June 1, 2019. Inventory Lot H12 H13 Date 5/22 5/27 Units 2,000 1,000 Cost/Unit $5.50 $5.75 Total Cost $11,000 $5,750 Westover uses the FIFO cost flow assumption. On June 4, 2019, Westover sells 2,400 units of inventory at a price of $10 per unit. Unless otherwise noted, your answers should be in whole dollar amounts but without a $ sign. 1. What is the cost of goods sold for Westover's June 4 sale? 2. What is the gross profit realized from the June 4 sale? 3. What is the gross profit margin percentage for the June 4 sale? Enter your answer as a percentage, rounded to one decimal point: 4 Assume that Westover purchases 1,500 additional units of inventory at a cost of $5.85 per unit on June 11. What is the carrying value of inventory after that purchase?.

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Description: Please sir all subparts answer please I humble request no plagiarism please will upvote Westover Incorporated has the following inventory lots on June 1, 2019.Inventory LotH12H13Date5/225/27Units2,0001,000Cost/Unit$5.50$5.75Total Cost$11,000$5,750Wes

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 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...

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