Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000 units @ $45/each Purchased 4,500 units @ $47/each Sold 6,500 units for $80/each REQUIRED: for FIFO, LIFO and Weighted Average: 1. Calculate the value of Ending Inventory 2. Show the schedule for Cost of Goods Sold 3. Show the schedule for Gross Profit 4. Calculate Gross Profit % (carry out at least 1 decimal point) 5. What inventory method should Strand use an why?
Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000 units @ $45/each Purchased 4,500 units @ $47/each Sold 6,500 units for $80/each REQUIRED: for FIFO, LIFO and Weighted Average: 1. Calculate the value of Ending Inventory 2. Show the schedule for Cost of Goods Sold 3. Show the schedule for Gross Profit 4. Calculate Gross Profit % (carry out at least 1 decimal point) 5. What inventory method should Strand use an why?
Chapter10: Inventory
Section: Chapter Questions
Problem 6PA: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to...
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![Strand Retail Corp had the following info:
Beg Inventory 2,500 units @ $40/each
Purchased 4,000 units @ $45/each
Purchased 4,500 units @ $47/each
Sold 6,500 units for $80/each
REQUIRED: for FIFO, LIFO and Weighted
Average:
1. Calculate the value of Ending Inventory
2. Show the schedule for Cost of Goods Sold
3. Show the schedule for Gross Profit
4. Calculate Gross Profit % (carry out at least 1
decimal point)
5. What inventory method should Strand use and
why?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5220398-a02a-4f8e-ab05-55b2d65ddb3b%2F736cbefb-cb61-4bee-b779-a9fbceeef35b%2F3qvme6d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Strand Retail Corp had the following info:
Beg Inventory 2,500 units @ $40/each
Purchased 4,000 units @ $45/each
Purchased 4,500 units @ $47/each
Sold 6,500 units for $80/each
REQUIRED: for FIFO, LIFO and Weighted
Average:
1. Calculate the value of Ending Inventory
2. Show the schedule for Cost of Goods Sold
3. Show the schedule for Gross Profit
4. Calculate Gross Profit % (carry out at least 1
decimal point)
5. What inventory method should Strand use and
why?
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