Question: Consider the following inventory data for the first two months of the year for Healthy Snacks International: Date Total Units Unit Cost Beginning inventory hand

Consider the following inventory data for the first two months of the year for Healthy Snacks International:

Date

Total Units

Unit Cost

Beginning inventory hand

1-Jan

65,000

$2.10

Purchases during month:

5-Jan

104,200

$2.20

20-Jan

292,800

$2.25

Sales of Inventory:

25-Jan

383,500

Purchases during month:

8-Feb

285,400

$2.35

23-Feb

158,700

$2.75

Sales of Inventory:

27-Feb

408,800

Assume all sales occur at a sales price of $6 per unit.

Calculate the total cost of goods sold and gross profit for January and February and the ending inventory as of February 28 under the FIFO, LIFO, and weighted average costing methods, assuming the use of a perpetual inventory management system.

  1. FIFO:
  1. Cost of Goods Sold: ___________________________
  2. Ending Inventory: ___________________________
  3. Gross Profit: ___________________________

  1. LIFO:
  1. Cost of Goods Sold: ___________________________
  2. Ending Inventory: ___________________________
  3. Gross Profit: ___________________________

  1. Weighted-average (round unit costs to four decimal places):
  1. Cost of Goods Sold: ___________________________
  2. Ending Inventory: ___________________________

Gross Profit: ___________________________

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