As an accountant for the Lee Company, your supervisor gave you the following calculations of the gross profit for the first quarter:

The three alternative cost flow assumptions are FIFO, Average, and LIFO (the alternatives are not necessarily presented in this sequence). The company uses the periodic inventory system. The computation of the cost of goods sold under each alternative is based on the following data:

Required
Prepare schedules computing the ending inventory (in units and dollars) and proving the cost of goods sold shown here under each of the threealternatives.

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Cost of Goods Sold $200,000 228,000 213,333 Alternative Sales ($50 per unit Gross Profit $500,000 500,000 500,000 $300,000 272,000 286,667 Units 12,000 10 4,000 Purchase, February 15 6,000 8,000 Cost/Unit $20 21 Inventory, January 1 Purchase, January Purchase, March 10 23