Please help me with correct answer thanku X Your answer is incorrect.Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimalplaces, e.g. 1.25. Do not round intermediate calculations.)Gross profit $FIFO56300$Average Cost54880 Swifty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of JunDateJune 1(a)1215162327ExplanationBeginning inventoryPurchasesSalePurchasesPurchasesSalesUnits1,5802,320(2,670 )4.7001,620(5,830)Unit Cost/Price$45126715Total Cost$6,32011,60028,20011,340

Inventory is one of the important current asset of the business. Under FIFO method, inventories…

* Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round averag places, e.g. 1.25. Do not round intermediate calculations.) Gross profit $ FIFO 56300 $ Average Cost 54880

* Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round averag places, e.g. 1.25. Do not round intermediate calculations.) Gross profit $ FIFO 56300 $ Average Cost 54880

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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