Answer only last two sub parts Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places.Gross ProfitEnding InventoryCost of Goods Sold1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost Periodic Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations..May 1 Purchased 500 units @ $25.00 each4Purchased 300 units @ $24.00 eachSold 400 units @ $38.00 eachPurchased 700 units @ $23.00 eachSold 450 units@ $37.50 each68132022272830Purchased 250 units @ $25.25 eachSold 275 units @ $36.00 eachSold 300 units @ $37.00 eachPurchased 550 units @ $26.00 eachSold 100 units $39.00 eachCalculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods:1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost PeriodicTotal Sales (not dependent on inventory method)Total Merchandise Available for Sale (round to the nearest cent)Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places.Ending Tunk

1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 4 6 8 13 20 22 27 28 30 Purchased 500 units @ $25.00 each. Purchased 300 units @ $24.00 each. Sold 400 units@ $38.00 each Purchased 700 units @ $23.00 each Sold 450 units @ $37.50 each Purchased 250 units @ $25.25 each Sold 275 units @ $36.00 each Sold 300 units @ $37.00 each Purchased 550 units @ $26.00 each Sold 100 units $39.00 each Calculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual 2. FIFO Periodic 3. LIFO Perpetual 4. LIFO Periodic 5. Average Cost Periodic Total Sales (not dependent on inventory method) Total Merchandise Available for Sale (round to the nearest cent)

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 4 6 8 13 20 22 27 28 30 Purchased 500 units @ $25.00 each. Purchased 300 units @ $24.00 each. Sold 400 units@ $38.00 each Purchased 700 units @ $23.00 each Sold 450 units @ $37.50 each Purchased 250 units @ $25.25 each Sold 275 units @ $36.00 each Sold 300 units @ $37.00 each Purchased 550 units @ $26.00 each Sold 100 units $39.00 each Calculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual 2. FIFO Periodic 3. LIFO Perpetual 4. LIFO Periodic 5. Average Cost Periodic Total Sales (not dependent on inventory method) Total Merchandise Available for Sale (round to the nearest cent)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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