For the entire year, the company sells 101 units of inventory for $38 each. Required: 1-a...

  

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For the entire year, the company sells 101 units of inventory for $38 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 28 33 38 38 137 Unit Total Cost Cost $30 $840 29 957 28 26 1,064 988 $3,849 For the entire year, the company sells 101 units of inventory for $38 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 28 33 38 38 137 Unit Total Cost Cost $30 $840 29 957 28 26 1,064 988 $3,849

Answer rating: 100% (QA)

1a Using FIFO calculate ending inventory Beginning inventory 28 units March 4 purchase 33 units June 9 purchase 38 units ... View the full answer