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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
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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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:
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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