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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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