Revise your worksheet to reflect these updated assumptions and then answer the questions that follow.SalesSale Price9,400 units27DateNumber of UnitsUnit CostTotal CostBeginning1,50010.30$15,450March 122,70010.2027,540June 51,40010.1014,140October 225,3009.9052,470Totals10,900$109,600Required:1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enteryour results below: (Round your answers to the nearest whole dollar amount.).FIFOLIFOWeightedAverageCost of Goods SoldEnding InventoryGross Profit< Prev♡14of 14Next

The inventory is a part of the working capital, the entity holds inventory to sell and make revenue.…

Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 9,400 units 27 Date Number of Units Unit Cost Total Cost Beginning 1,500 10.30 $15,450 March 12 2,700 10.20 27,540 June 5 1,400 10.10 14,140 October 22 5,300 9.90 Totals 10,900 52,470 $109,600 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 9,400 units 27 Date Number of Units Unit Cost Total Cost Beginning 1,500 10.30 $15,450 March 12 2,700 10.20 27,540 June 5 1,400 10.10 14,140 October 22 5,300 9.90 Totals 10,900 52,470 $109,600 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

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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