During September, the company sells 960 watches for $239.75 each. The company has the following...
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During September, the company sells 960 watches for $239.75 each. The company has the following inventory purchase transactions for September: Date Transaction # of Units Unit cost Total Cast 1-Sep Beginning Inventory 100 $157.00 $15,700 4-Sep Purchase 550 $161.00 88,550 Purchase 350 $162.00 56,700 1,000 $160,950 24-Sep For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. $ Calculate ending inventory (LIFO) 12. $ _Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation. 14. S Calculate ending inventory (WA) 15. $. Calculate cost of goods sold (WA) 16. $ Calculate gross profit (WA) 17. Based on the above, which method would show a larger net income number? (FIFO, LIFO or WA)
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