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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![1. During the year Lester, Inc., sold 450 Bluetooth speakers for $120 each. The company had
the following inventory purchase transactions for the year.
Date
Jan 1
May 6
Sept 9
Transaction
Beginning inventory
Purchase
Purchase
b.
c.
Number of units
50
250
200
500
Unit cost
$80
85
90
Total cost
$4,000
21,250
18,000
$43,250
Required:
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-average
cost method.
10:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5aefec99-cc75-443c-b1df-eea8d8e2d5e3%2Fe51a48f2-ff1d-4c97-a8d9-1e8d79a32b9a%2Fdr0bwdh_processed.png&w=3840&q=75)
Transcribed Image Text:1. During the year Lester, Inc., sold 450 Bluetooth speakers for $120 each. The company had
the following inventory purchase transactions for the year.
Date
Jan 1
May 6
Sept 9
Transaction
Beginning inventory
Purchase
Purchase
b.
c.
Number of units
50
250
200
500
Unit cost
$80
85
90
Total cost
$4,000
21,250
18,000
$43,250
Required:
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-average
cost method.
10:
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