Question: Chapter 6-Homework Assignment V3 Problem One: For the entire year, the company sells 340 units of inventory for $60 each. 1. Using FIFO, calculate

Chapter 6-Homework Assignment V3 Problem One: For the entire year, the company sells 340 units of inventory for $60 each. 1. Using FIFO, calculate (a) Cost of Goods Sold, (b) ending inventory, (c) sales revenue, and (d) gross profit. Available for Sale Sold (COGS) Units Unit Cost Total Units Unit Cost Total Units Not Sold (inventory) Unit Cost Total Beginning inventory 50 $42 $2,100 Purchase April 1 130 44 5,720 Purchase July 16 200 47 9,400 Purchase October 6 110 45 5.280 Totals 420 $22.500 a) COGS b) Ending inventory c) Sales Revenue d) Gross Profit 2. Using LIFO, calculate (a) Cost of Goods Sold, (b) ending inventory, (c) sales revenue, and (d) gross profit. Available for Sale Sold (COGS) Not Sold (Inventory) Units Unit Cost Total Units Unit Cost Total Units Unit Cost Beginning inventory 50 542 $2,100 Purchase April 1 130 44 5,720 Purchase July 16 200 47 9,400 Purchase October 6 110 48 5.280 Totals 490 $22.500 a) COGS b) Ending inventory c) Sales Revenue d) Gross Profit Total

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