Question: Inventory data are presented below. Please calculate the ending inventory, the cost of goods sold, and gross profit (at 1/31) using the methods listed below.
Inventory data are presented below. Please calculate the ending inventory, the cost of goods sold, and gross profit (at 1/31) using the methods listed below.
1/1 - Beginning inventory 14 units at $6 cost
1/10 - Sale 12 units at $12 sales price
1/15 - Purchase 14 units at $7 cost
1/20 - Sale 12 units at $12 sales price
1/25 - Purchase 11 units at $8 cost
Inventory Cost of Goods Sold Gross Profit
a) Periodic LIFO a) $__________ b) $__________ c) $__________
b) Periodic Weighted Average d) $__________ e) $__________ f) $__________
c) Perpetual FIFO g) $__________ h) $__________
d) Perpetual LIFO i) $__________ j) $__________
e) Perpetual Moving Average k) $__________ l) $__________
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