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1. Determine the cost of goods sold and ending inventory using FIFO. ...

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Accounting

1. Determine the cost of goods sold and ending inventory using FIFO.
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Zella, Inc. receives inventory on Mondays of each week. Sales are made throughout the week, but only recorded weekly on Fridays. Inventory is maintained on a perpetual basis. Zella has a beginning inventory of 4,000 purchased at $5 each. The following purchases and sales were recorded during March: Required: 1. Determine the cost of goods sold and ending inventory using FIFO. 2. Determine the cost of goods sold and ending inventory using LIFO. 3. The selling price is $10 per unit. Operating expenses are $50,000. Determine the gross margin and net income to be reported under each cost flow assumption [ignore income taxes]

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