Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. using the following information, calculate gross p

Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO,...

60.1K

Verified Solution

Question

Accounting

image
Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO, and c) weighted-average cost methods under an inventory system that uses specific identification. The company sold 2 units for $50 each on September 7. ---- Date..... Units Cost/unit..... Total Cost Oct. 11 Purchase....... 2 @ $10. $20 Oct. 22 Purchase....... 2 @ $20. ..$40 Sept 2 Purchase 3 @ $11 $ 33 Total $93 Using LIFO, what is the cost of Ending Inventory? Using FIFO, what is the cost of Ending Inventory? Using LIFO, what is the cost of COGS? Using FIFO, what is the cost of COGS

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Name one company that benefited and one company that suffered due to the slump in the...

Psychology
1.2K views

is there a youth culture in the United States? what difference in values and norms are...

Biology
1.2K views

A Question 2 1 point The diploid stage in the lifecycle of plants is referred...

Physics
1.2K views

9 A small steel ball falls through a syrup at a constant speed of 1...

Physics
1.2K views

Two small spherical similar charged ball ve are tied with thread with the same point...

Basic Math
1.2K views

The count in a bateria culture was 700 after 20 minutes and 1600 after 35...

Algebra
1.2K views

7 a Compute the midpoint between 2 4 and 6 6

Accounting
1.2K views

43 q. I need answer ASAP! Chang Co....

Accounting
1.2K views

Sanford, Inc., has developed value-added standards for four activities: purchasing parts, receiving parts, moving parts,...

Accounting
1.2K views

Ivanhoe Company had a beginning inventory balance on July 1 of 350 units at a...

Accounting
1.2K views

Tn Fecta, a partnership, had revenues of $369,000 in its first year of operations. The...

Accounting
1.2K views

A used machine with a purchase price of $77,000, requiring an overhaul costing $8,000, installation...