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Gross Profit for fifo and lifo Flint...

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Accounting

Gross Profit for fifo and lifo
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Flint Corporation sells a snowboard. WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Flint Corporation's purchases of WhiteOut snowboards during September. During the same month, 110 WhiteOut snowboards were sold at $ 170 each. Flint Corporation uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 24 $ 100 $2,400 Sept. 12 Purchases 40 106 4,240 Sept. 19 Purchases 23 110 2,530 Sept 26 Purchases 14 112 4.928 Totals 131 $ 14,098 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory 2352 $ 2100 Cost of goods sold $ 11746 $ $ 11998 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold $ 14098 $ 14098 What do you notice about the answers you found for each method? Under both methods, the sum of the ending inventory and cost of goods sold are equal the same amount e Textbook and Media What is gross profit under each method? FIFO LIFO Gross profit $ $

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