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question spring co began the month with 30 units


Question :

Spring Co. began the month with 30 units of inventory that cost $50 each. On January 4, Spring buy 85 units for $55 each, on account. January 8 sell, on account, 80 units for $70 each.

Consider FIFO perpetual method:

Prepare the essential journal entries                             

What is the Dollar Value of Cost of Goods Sold at January 31?

What is the Dollar Value of Ending Inventory at January 31?

Evaluate the Gross Margin?

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Financial Accounting: question spring co began the month with 30 units
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