Question: is this correct? View the tutorial, then complete the worksheet, replacing the question marks below with formulas. Required: (a) Based on the information given below,

View the tutorial, then complete the worksheet, replacing the question marks below with formulas. Required: (a) Based on the information given below, calculate Cost of Goods Sold and Ending Inventory using the FIFO method. (b) Calculate Cost of Goods Sold and Ending Inventory using the LIFO method. (e) Calculate Cost of Goods Sold and Ending Inventory using the Weighted Average Method. (d) Calculate Gross Profit under all three methods Given Information: Answers Sales Sale Prices 8,500 units 30 (a) FIFO u Date Beginning March 12 June 5 October 22 Number of Units 1,200 2,200 2,700 + 3,900 Unit Cost 10.25 10.30 10.40 10.60 Total Cost 12,300 22,660 28,080 41,340 12 22 28 41, Totals 10,000 104,380 (b) LIFO UI Answers: (a) FIFO Units Sold 12,300 22,660 28,080 41,340 Cost of Goods Sold 12,300 22,660 28,080 25,440 Units Remaining 0 0 0 15,900 Ending Inventory 0 0 0 15,900 0 88,480 0 15,900 (b) LIFO Units Sold 12,300 22,660 28,080 41,340 Cost of Goods Sold 41,340 28,080 19,570 Units Remaining 12,300 3,090 Ending Inventory 12,300 3,090 0 0 0 0 88,990 15,390 (c) Weighted average cost Units Sold ? Cost of Goods Sold 88,223 Units Remaining ? Ending Inventory 15,657 (d) Calculate gross profit Sales revenue Cost of goods sold Gross profit FIFO 255,000 88,480 166,520 UFO 255,000 88,990 166,010 Weighted average 255,000 88,723 166,277
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