Assume the beginning inventory as of January 1 Consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The firs purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Als determine the gross margin if the total sates revenue Is $43,000.

Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase.

Cost of Goods Sold

Ending Inventory

Gross profit

First-in, first-out (FIFO)

Cost of Goods Sold

Ending Inventor/

Gross profit

Weighted-average (round the unit price)

Cost of Goods Sold

Ending Inventory

Gross profit

East-in, first-out (LIFO)

Cost of Goods kid

Ending Inventory

Answer rating: 100% (QA)

Specific Identification Cost of goods sold Specific Identification Units Rate Amount Sale from beginning inventory 300 825 2475 Sale from 1st purchase ... View the full answer