Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8 points)

Date

Explanation

Number of Units

Unit Cost

Total Cost

January 1

Beginning inventory

100

$4

$400

January 20

Purchase

400

$5

$2,000

July 25

Purchase

300

$6

$1,800

October 20

Purchase

200

$7

$1,400

Total

1000

$5,600

A physical count of inventory on December 31 revealed that there were 300 units on hand.

Assume that the company uses the FIFO method. The Ending Inventoryamount is $

Answer 1
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Assume that the company uses the Average Cost method. The value of the Cost of Goods Sold on December 31 is $

Answer 2
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Assume that the company uses the Lifo method and the selling price of the unit was $10 what is the Gross profit $

Answer 3
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Assume that the company uses the LIFO method. The ending Inventory amount is $.

Answer rating: 100% (QA)

a Ending inventory under LIFO method 10042005 1400 b E... View the full answer