The following units are available for sale during the year: January 1,...
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Accounting
The following units are available for sale during the year:
January 1, 2011 Beginning inventory 10 units @ $ 18
April 3, 2011 Purchases 30 units @ $ 20
August 31, 2011 Purchases 28 units @ $ 25
September 29, 2011 Purchases 17 units @ $ 30
December 31, 2011 Ending inventory 21 units
Detemine ending inventory cost by (a) Fifo, (b) Lifo, and (c) Average Cost. If the selling price per unit is $ 35, determine the Total Revenue, Gross Profit and Cost of Goods sold under (a) Fifo, (b) Lifo and(c) Average. The ending inventory as indicated above was 21 units. Use the format below for your answers. Use excel for calculations.
Ending Inventory
FIFO
LIFO
Average
FIFO
LIFO
AVERAGE
Total Revenue
Cost of Goods Sold
Gross Profit
Answer & Explanation
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