Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 16,400 units 27 Number of Date Beginning March 12 June 5 Units Unit Cost Total Cost 3,500 10.30 $36,050 4,700 10.20 47,940 3,400 10.10 34,340 October 22 8,300 9.90 82,170 Totals 19,900 $200,500 Required: 1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profit
Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 16,400 units 27 Number of Date Beginning March 12 June 5 Units Unit Cost Total Cost 3,500 10.30 $36,050 4,700 10.20 47,940 3,400 10.10 34,340 October 22 8,300 9.90 82,170 Totals 19,900 $200,500 Required: 1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for sales revenue
VIEWStep 3: Working for cost of goods sold, ending inventory and gross profit using FIFO
VIEWStep 4: Working for cost of goods sold, ending inventory and gross profit using LIFO
VIEWStep 5: Working for cost of goods sold, ending inventory and gross profit using weighted average method
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