FIFO LIFO

(4 Points) SHOW YOUR WORK Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX =0): Action Date Amount Cost Purchase Purchase Purchase 1/15/XX 2/15/XX 3/15/XX 100 Widgets 200 Widgets 600 Widgets $9 per Widget $10 per Widget $11 per Widget Sell Sell 3/20/XX 3/25/XX 400 Widgets 300 Widgets $18 per Widget $18 per Widget FIFO Inventory LIFO Inventory FIFO Gross Profit LIFO Gross Profit Points 1 1 1 1