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Prepare the adjusting entry to record cost of goods sold (under FIFO) for 2018 and adjust the inventory account to its year-end balance.

Cost of Good Sold 2,738,545

Inventory 2,738,545

FIFO International Widget Cost of endin ic-FIFO Ending Inventory Most recent cost Ending Inventory Most recent cost Ending Inventory Most recent cost Units Rate Units Units Rate purchase 7 54,040 21 ast purchase 32 255,680 Alternative Method Cost of Unit Sold Earliest Cost From Opening Balance First Purchase Second Purchase Alternative Method Cost of Unit Sold Earliest Cost From Opening Balance First Purchase Alternative Method Cost of Unit Sold Earliest Cost From Opening Balance2,100 First Purchase s sold under periodic-FIFO: old under periodic-FIFO: sold under 90,780 50,140 Units Units Rate 20 106,500 59,000 43,000 42780 9 387,000 10,000 30 Second Purchase 71 Second Purchase 19,310 12 617,920 737,960 31,410 980,920 Determine the gross profit from sales for the period 3. Determine the gross profit from sales for the period. 3. Determine the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross Profit $1,815,600 737,960 $1,077,640 Total sales Total cost of merchandise sold 1,754,900 1,019,665 735,235 Total sales Total cost of merchandise sold Gross Profit $118,430 Total Gross Profit method LIFO method LIFO Ending Inventory Earliest Cost From Opening Next earliest cost Ending Inventory Earliest Cost 7,720 Rate Cost Earliest Cost Units Rate Rate From Opening Balance Next earliest cost 51,000 9.00 19,980 0,980 737,000 Balance ,100 $9,000 Next earliest cost Ending Inventory Purchases Opening Balance 0.00 176,700 Purchases 979,000 94,900 Purchases Opening Balance 173,600 Opening Balance 59,000 996,900 ses-Closi 17,020 ning+Purchses-Cl Total sales Total cost of merchandise sold Gross Profit 51,815,600 717,020 $1,098,580 Total sales Total cost of merchandise sold Gross Profit $1,754,900 1,021,235 Total sales Total cost of merchandise sold Gross Profit 1,099,350 996,900 $102,450 5733,665 Total Gross Profit $1,934,695

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