Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 52 132 202 112 498 Unit Cost $44 46 49 50 Total Cost $2,288 6,072 9,898 5,600 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising.

Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 52 132 202 112 498 Unit Cost $44 46 49 50 Total Cost $2,288 6,072 9,898 5,600 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising.

Name: DateJanuary 1April 7July 16October 6TransactionBeginning inventoryPur
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Description: DateJanuary 1April 7July 16October 6TransactionBeginning inventoryPurchasePurchasePurchaseReq 1a and bNumber ofUnits52132202112498For the entire year, the company sells 432 units of inventory for $62 each.Required:1-a & b. Using FIFO, calculate endi

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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