ASF Itd had the following inventory transactions during the month of January Month Items Units @...

 

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ASF Itd had the following inventory transactions during the month of January Month Items Units @ 1/1 First week 2nd Week 3rd week beginning inventory 1500 2.00 Purchases 2500 2.10 Purchase 2500 2.20 Purchase 1500 2.30 Case 1 On January 31 account of the ending inventory was completed and 8,000 units were on hand. by using the periodic inventory system calculate the cost of goods sold ending inventory and gross profit using LIFO FIFO Average method. Case II On January 31 account of the ending inventory was completed and 3,500 units were on hand. calculate the cost of goods sold ending inventory and gross profit using LIFO. ASF Itd had the following inventory transactions during the month of January Month Items Units @ 1/1 First week 2nd Week 3rd week beginning inventory 1500 2.00 Purchases 2500 2.10 Purchase 2500 2.20 Purchase 1500 2.30 Case 1 On January 31 account of the ending inventory was completed and 8,000 units were on hand. by using the periodic inventory system calculate the cost of goods sold ending inventory and gross profit using LIFO FIFO Average method. Case II On January 31 account of the ending inventory was completed and 3,500 units were on hand. calculate the cost of goods sold ending inventory and gross profit using LIFO.

Answer rating: 100% (QA)

Solution Particular Item Units Rate Beginning inventory 1500 2500 3000 First week puchase 21 ... View the full answer