Question: please help solve both these parts and show working using these numbers! You are the vice president of finance of Concord Corporation, a retail company

 please help solve both these parts and show working using thesenumbers! You are the vice president of finance of Concord Corporation, a

please help solve both these parts and show working using these numbers!

You are the vice president of finance of Concord Corporation, a retail company that prepared two different schedules of gross margin for the first fiscal quarter ended July 31, 2025. These schedules appear below. The computation of cost of goods sold in each schedule is based on the following data: Elizabeth Brown, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance you have explained to Ms. Brown that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions (assume periodic system). Schedules Computing Ending Inventory. (Enter per unit costs to 2 decimal places, e.g. 15.25.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f