please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) **Inventory and Cost Analysis for Dunkin' Donuts****Activity for April:**Dunkin' Donuts recorded the following inventory activity during April:| Date | Transaction | Units | Unit Cost | Total Cost ||------------|----------------|-------|-----------|------------|| April 01 | Beg. Inventory | 3,200 | $52.70 | $168,640 || April 04 | Purchase | 3,400 | $53.10 | $180,540 || April 25 | Purchase | 3,500 | $54.00 | $189,000 |**Additional Information:**- Dunkin' had 3,050 units on hand in April.- The sales price for all units sold in April was $72.00 per unit.**Gross Profit Calculation Using LIFO:**If Dunkin' uses the Last-In, First-Out (LIFO) inventory method, calculate the Gross Profit for the month ending April 30th.**Options for Gross Profit:**- a. $135,546- b. $135,128- c. $151,364- d. $130,155- e. $138,060To calculate the Gross Profit using LIFO:1. Determine the Cost of Goods Sold (COGS) using the most recent purchases first.2. Calculate sales revenue by multiplying the number of units sold by the sales price.3. Subtract the COGS from the sales revenue to find the Gross Profit.Consider this structured approach to help students understand inventory costing and its impact on profitability using the LIFO method.

Under the LIFO method, the newest products in inventory are sold first.Cost of Goods Available for SaleCost of Goods SoldEnding InventoryQuantityCost per unitTotal CostQuantityCost per unitTotal CostQuantityCost per unitTotal CostBeginning Inventory 3,200$52.70$168,640 150$52.70$7,9053050$52.70$160,735Purchase: April 04 3,400$53.10$180,540 3,400$53.10$180,5400$53.10$0 April 25 3,500$54.00$189,000 3,500$54.00$189,0000$54.00$0Totals 10,100$538,180 7,050$377,445 3,050$160,735Sales Revenue (7,050 units * $72.00)$507,600Less: Cost of Goods Sold$377,445Gross Profit ($507,600 - $377,445)$130,155Gross Profit = $130,155The correct answer is option d. $130,155

Business

Accounting

Dunkin' Donuts had the following activity during the month of April: Date Transaction Units Unit Cost Total Cost April 01 Beg. Inventory 3,200 $52.70 $168,640 April 04 Purchase 3,400 53.10 180,540 April 25 Purchase 3,500 54.00 189,000 Dunkin' had 3,050 units on hand in April. The sales price for all units sold in April was $72.00 per unit. If Dunkin' uses the LIFO inventory method, the Gross Profit reported on the monthly income statement on April 30th would be: Select one: O a. $135,546 b. $135,128 c. $151,364 d. $130,155 e. $138,060

Dunkin' Donuts had the following activity during the month of April: Date Transaction Units Unit Cost Total Cost April 01 Beg. Inventory 3,200 $52.70 $168,640 April 04 Purchase 3,400 53.10 180,540 April 25 Purchase 3,500 54.00 189,000 Dunkin' had 3,050 units on hand in April. The sales price for all units sold in April was $72.00 per unit. If Dunkin' uses the LIFO inventory method, the Gross Profit reported on the monthly income statement on April 30th would be: Select one: O a. $135,546 b. $135,128 c. $151,364 d. $130,155 e. $138,060

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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