were available for sale during the? year:
Begining Inventory--24 units at $46
sale--15 units at $64
first purchase--35 units at $49
sale--36 units at $65
second purchase--17 units at $51
sale--17 units at $67
The firm uses the perpetual inventory system and there are 8 units of the item on hand at the end of the year.
1. What are the following amounts according to FIFO?
--nUMBER OF UNITS SOLD??
--Total Sales??
--Total cost of merchandise sold??
--Gross Profit??
--Number of units in ending inventory??
--Value of ending inventory??
2. According to LIFO what are the following amounts??
---nUMBER OF UNITS SOLD??
--Total Sales??
--Total cost of merchandise sold??
--Gross Profit??
--Number of units in ending inventory??
--Value of ending inventory??
Begining Inventory--24 units at $46
sale--15 units at $64
first purchase--35 units at $49
sale--36 units at $65
second purchase--17 units at $51
sale--17 units at $67
The firm uses the perpetual inventory system and there are 8 units of the item on hand at the end of the year.
1. What are the following amounts according to FIFO?
--nUMBER OF UNITS SOLD??
--Total Sales??
--Total cost of merchandise sold??
--Gross Profit??
--Number of units in ending inventory??
--Value of ending inventory??
2. According to LIFO what are the following amounts??
---nUMBER OF UNITS SOLD??
--Total Sales??
--Total cost of merchandise sold??
--Gross Profit??
--Number of units in ending inventory??
--Value of ending inventory??