For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and average methods.   FIFO Average Beginning Inventory USD 120, 000 USD 106, 000 Ending Inventory USD 148, 000 USD 112, 000   YG Corp currently employs a periodic inventory system as well as FIFO. In 2015, the company made a gross profit of USD 528, 000. What will YG's gross profit be in 2015 if it switches from the FIFO method to the average method?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and average methods.

 

FIFO

Average

Beginning Inventory

USD 120, 000

USD 106, 000

Ending Inventory

USD 148, 000

USD 112, 000

 

YG Corp currently employs a periodic inventory system as well as FIFO. In 2015, the company made a gross profit of USD 528, 000.

What will YG's gross profit be in 2015 if it switches from the FIFO method to the average method?

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