Please help me with required 1 and required 2 thanku Use the following information to answer the next two questions.ABC Company's beginning inventory on January 1, 2022 consisted of 1,000 units costing $1.50 perunit. ABC's inventory records for 2022 revealed the following:Quantity Cost2,500 $3,750January 25February 15March 21April 5April 20May 20July 22September 10October 14November 104,000 8,0003,000 7,5001,500 4,5003,200 9,600Quantity Sales800 $3,4001,500 6,3752,500 10,6251,300 5,5252,100 8,925Sales during the period consisted of 8,200 units, made at a selling price of $4.25 per unit.Assuming the use of the perpetual first-in, first-out inventory costing method, the ending inventorywould be:Assuming the use of the perpetual last-in, first-out inventory costing method, gross profit would be:

Name: Please help me with required 1 and required 2 thanku Use the following
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please help me with required 1 and required 2 thanku Use the following information to answer the next two questions.ABC Company's beginning inventory on January 1, 2022 consisted of 1,000 units costing $1.50 perunit. ABC's inventory records for 2022

A method of inventory valuation known as "perpetual last in, first out" (LIFO) is predicated on the…

Business

Accounting

Use the following information to answer the next two questions. ABC Company's beginning inventory on January 1, 2022 consisted of 1,000 units costing $1.50 per unit. ABC's inventory records for 2022 revealed the following: Quantity Cost 2,500 $3,750 January 25 February 15 March 21 4,000 8,000 3,000 7,500 April 5 April 20 May 20 July 22 September 10 October 14 November 10 2,100 8,925 Sales during the period consisted of 8,200 units, made at a selling price of $4.25 per unit. 1,500 4,500 Quantity Sales 3,200 9,600 800 $3,400 1,500 6,375 2,500 10,625 1,300 5,525 Assuming the use of the perpetual first-in, first-out inventory costing method, the ending inventory would be: Assuming the use of the perpetual last-in, first-out inventory costing method, gross profit would be: