Question: Please answer questions 1, 2 and 3. Thank you! Question 3.2 - Inventory: LEE Glasses was established at the beginning of 2022. The company's inventory
Please answer questions 1, 2 and 3. Thank you!
Question 3.2 - Inventory: "LEE Glasses" was established at the beginning of 2022. The company's inventory consists of one model of sunglasses, which the company purchases from a supplier abroad. Below are data of the company's inventory movements in 2022: 6 The company sells its glasses for 700$ per unit. The number of units in ending inventory (end of 2022 ) is 18,000 . Required: 1. Calculate the ending inventory balance for 2022 using the FIFO and weighted average method. 2. What is the gross profit that will be recorded in the company's financial statements according to each of the above inventory calculation methods? 3. How would your answers to sections 1 and 2 change if the net realizable value (fair value) per unit was $625 per unit and 600$ per unit on 12.31.22
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