Exercise 6-5 Basis Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 502 bookcases at a cost of $125 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,204 $126 $247 913 10 128 14 1,894 239 16 1,402 26 1,041 131 Determine the cost of goods sold and the cost of the ending inventory using the average cost method. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. e.g 5.52) Cost of goods sold Cost of the ending inventory Calculate Basis Furniture’s gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, e.g. 15.1 and gross profit to the nearest whole dollar, e.g. 1525.) Gross profit Gross profit margin Policy I 2000-2017 lohn Wiley & Sons. Inc. All Rights Reserved. A Division of john Wiley & Sons. Inc. Version 4.22.1.2 Show transcribed image text Exercise 6-5 Basis Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 502 bookcases at a cost of $125 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,204 $126 $247 913 10 128 14 1,894 239 16 1,402 26 1,041 131 Determine the cost of goods sold and the cost of the ending inventory using the average cost method. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. e.g 5.52) Cost of goods sold Cost of the ending inventory Calculate Basis Furniture’s gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, e.g. 15.1 and gross profit to the nearest whole dollar, e.g. 1525.) Gross profit Gross profit margin Policy I 2000-2017 lohn Wiley & Sons. Inc. All Rights Reserved. A Division of john Wiley & Sons. Inc. Version 4.22.1.2
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