Q)

Q)

In each case, indicate the correct amount to be reported for the inventory on the year-end balance sheet. 1. Ending inventory at cost $129,000 Ending inventory at market $126,750 2. Ending inventory at cost $113,500 Ending inventory at market $123,250 Given the following information, calculate the gross profit and gross profit ratio under (a) FIFO periodic and under (b) LIFO periodic. (Click the icon to view the information.) Calculate the gross profit under (a) FIFO periodic and under (b) LIFO periodic. Select the formula labels and then enter the amounts to calculate the gross profit. Gross profit (a) FIFO Cash Cost of goods sold Inventory Net income Net sales 200 units at $115 per unit 50 units at $55 per unit 250 units at $45 per unit Sales Beginning inventory Purchases