Question: An organization reported the following: Units $ per unit Beginning Inventory 100 $2 1/1 Purchase on account 1200 $3 1/14 Sell 600 units on account

An organization reported the following:

Units $ per unit
Beginning Inventory 100 $2
1/1 Purchase on account 1200 $3
1/14 Sell 600 units on account for $8/each
1/22 Purchase on account 900 $4
1/29 Sell 850 units on account for $9/each

A. Prepare the journal entries for above (using FIFO). Find the ending inventory for 1/31 and gross profit for January.

B. Prepare the journal entries for above (using LIFO). Find the ending inventory for 1/31 and gross profit for January.

C. Prepare the journal entries for above (using weighted-average). Find the ending inventory for 1/31 and gross profit for January.

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