Homework: Ch$.5$ HW $1$

Question $6,$ EF$6-19($similar to$)$

HW Score: $46\mathrm{.}16\%,4\mathrm{.}15$ of $9$ points

Part $1$ of $7$

Points: $0$ of $1$

Assume that Gameland store purchased and sold a line of dolls during December as follows:

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Gameland uses the perpetual inventory system.

Read the requirements.

Requirement $1.$ Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.

$\backslash$table$[[$Date$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$Quantity$,\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]]],[$Dec$.1],[$Dec$.8],[$Dec$.14],[$Dec$.21],[,,,,,,,,,],[$Totals$,,,,,,,,,1]]$

Requirements

Compute the cost of good gross profit using the FIFC

Compute the cost of good gross profit using the LIFC

Which method results in a

Which method results in a

Which method results in a

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