Question

The following schedule summarizes the inventory purchases and sales of Gregory, Inc. during February 2009:
Required:
(a) What is Gregory’s cost of goods available for sale for February 2009?
(b) If Gregory uses the FIFO cost flow, what is cost of goods sold for February 28? Show calculations.
(c) If Gregory uses the LIFO cost flow, what is cost of goods sold for February 19? Show calculations.
(d) If Gregory uses the moving-average cost flow, what is cost of goods sold for February 12? Show calculations.
(e) Assume that Gregory sells its product for $10.50 each. Calculate Gregory’s gross profit for each cost flow method.


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  • CreatedMarch 27, 2015
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