Solve all questions 1. During the year Lester, Inc., sold 450 Bluetooth speakers for $120 each. The company hadthe following inventory purchase transactions for the year.DateJan 1May 6Sept 9TransactionBeginning inventoryPurchasePurchaseb.c.Number of units50250200500Unit cost$808590Total cost$4,00021,25018,000$43,250Required:a. Calculate the cost of goods sold, ending inventory, and gross profit using the FIFO method.Calculate the cost of goods sold, ending inventory, and gross profit using the LIFO method.Calculate the cost of goods sold, ending inventory, and gross profit using the weighted-averagecost method.10:

Commonly used inventory valuation methods are FIFO (First-In, First-Out), LIFO (Last-In, First-Out)…

Required: a. Calculate the cost of goods sold, ending inventory, and gross profit using the FIFO method. b. Calculate the cost of goods sold, ending inventory, and gross profit using the LIFO method. c. Calculate the cost of goods sold, ending inventory, and gross profit using the weighted-average cost method.

Required: a. Calculate the cost of goods sold, ending inventory, and gross profit using the FIFO method. b. Calculate the cost of goods sold, ending inventory, and gross profit using the LIFO method. c. Calculate the cost of goods sold, ending inventory, and gross profit using the weighted-average cost method.

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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