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Purchases Number of Units Unit Cost 590 $4.30 Sales Number of Units Sales Price 390...

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Accounting

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Purchases Number of Units Unit Cost 590 $4.30 Sales Number of Units Sales Price 390 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 $5.80 690 $4.40 390 $5.80 690 $4.40 1. Compute the cost of ending inventory by using the weighted average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Ending inventory $ 4.37 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Gross profit 5a. If FIFO is used, calculate the amount of the understatement or overstatement in the cost of sales for the first six months of the current year. of cost of sales 5b. If FIFO is used, calculate the amount of the understatement or overstatement in the current assets at June 30 of the current year. of current assets

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