An inventory record card shows the following details. February 1 50 units in inventory at a cost of €40 per unit 7 | 100 units purchased at a cost of €45 per unit 14 80 units sold at €60 per unit 21 50 units purchased at a cost of €50 per unit 28 60 units sold at €60 per unit Required: Calculate the following: (1) Closing Inventory (2) Sales (3) Cost of Sales (4) Gross Profit a. Under FIFO b. Under LIFO c. Under AVCO

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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An inventory record card shows the following details.
February
50 units in inventory at a cost of €40 per unit
100 units purchased at a cost of €45 per unit
14 80 units sold at €60 per unit
21 50 units purchased at a cost of €50 per unit
28 60 units sold at €60 per unit
1
7
Required:
Calculate the following:
(1) Closing Inventory
(2) Sales
(3) Cost of Sales
(4) Gross Profit
a. Under FIFO
b. Under LIFO
c. Under AVCO
Transcribed Image Text:An inventory record card shows the following details. February 50 units in inventory at a cost of €40 per unit 100 units purchased at a cost of €45 per unit 14 80 units sold at €60 per unit 21 50 units purchased at a cost of €50 per unit 28 60 units sold at €60 per unit 1 7 Required: Calculate the following: (1) Closing Inventory (2) Sales (3) Cost of Sales (4) Gross Profit a. Under FIFO b. Under LIFO c. Under AVCO
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