Ginagow Corporetion hes the following inventory transections during the yesr. Dute Traaction Nater of its Cost Tetal Cost S2, Jan. 1 gimin inntary Apr. 7 rchae Jul.1 Purchae sa a, 6,264 act. Prchae For the entire yee the company selis 442 unts of inventory for S66 ench. 2 Using LIFO, calculeste ending inventory. cost of goods sold, snies revenue, and gross proft. LIFO Cost of Ooods Avallabie for tale Cost of Ooods loid Ending inventory Cost of Ooods Avalabie for taie Cost of of unts Cost per unit Cost per unt doods Bold of unite Cost Ending per unt inventon of units Begining Invertory Puchases Apr or Oct O Tokal Sales revenue Gross prott
Ginagow Corporetion hes the following inventory transections during the yesr. Dute Traaction Nater of its Cost Tetal Cost S2, Jan. 1 gimin inntary Apr. 7 rchae Jul.1 Purchae sa a, 6,264 act. Prchae For the entire yee the company selis 442 unts of inventory for S66 ench. 2 Using LIFO, calculeste ending inventory. cost of goods sold, snies revenue, and gross proft. LIFO Cost of Ooods Avallabie for tale Cost of Ooods loid Ending inventory Cost of Ooods Avalabie for taie Cost of of unts Cost per unit Cost per unt doods Bold of unite Cost Ending per unt inventon of units Begining Invertory Puchases Apr or Oct O Tokal Sales revenue Gross prott
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Glssgow Corporation hes the following inventory transactlons during the year.
Unit
Date
Transaction
Nunber of Units Cost
Tatal Cost
Jan. 1 Beginning inventory
Apr. 7 Purchase
Jul.15 Purchase
$ 2,688
6,80
20,918
6,254
56
136
sa
206
53
Oct. 5 Purchase
116
54
514
$26,670
For the entire year, the company sells 442 units of Inventory for $66 each.
2 Using LIFO, calculste ending inventory, cost of goods sold, sales revenue, and gross profit.
LIFO
Coct of Goods Avallable for Bale
Coct of Goods Bold
Ending Inventory
of units Coct per
unit
Cost of
Goods
Avallable
for Sale
Cost of
Goods
Bold
Ending
per unit Inventory
Cost
Cost
of units
#of units
per unit
Boginning Inventory
Purchases:
Apr 07
of
Ju 16
Oct 06
Total
Sales revenua
Gross profit
Expert Solution
Step 1 Introduction
LIFO Method: Last in, first-out (LIFO) is a system of inventory management in which the costs of the most recent items acquired (or produced) are the first to be sold first under LIFO. LIFO is a method of accounting that is exclusively used in the United States and is controlled by generally accepted accounting standards.
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