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please do all requirements The inventory of the Cadwallader Coal Company on June...

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please do all requirements

The inventory of the Cadwallader Coal Company on June 30 shows 750 tons at $63 per ton. A physical inventory on July 31 shows a total of 850 tons on hand. Revenue from sales of coal for July totals $118,000. The following purchases were made during Jul July 5, 700 tons at $62 per ton; July 15, 600 tons at $57 per ton; July 25, 100 tons at $52 per ton. Requirements 1. Compute the inventory value as of July 31, using (a) FIFO and (b) LIFO. 2. Compute the gross profit using each method. Requirement 1. Compute the inventory value as of July 31. (a) Begin by computing the ending inventory value using FIFO (First-in, First-out). (Leave any unused cells blank. Do not enter a "0" for any zero balances.) Units Unit cost Total cost Inventory Layer Beginning inventory Purchase from July 5 tons per ton - tons X per ton - Purchase from July 15 tons X per ton - Purchase from July 25 tons per ton Ending inventory - FIFO tons

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