Business, 17.02.2020 23:22 lilpump3506

1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

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Answer from: alexwlodko

UNDER FIFO

Cost of Goods Soldis 25 units with a total value of $419

Ending Inventory is 8 units @ $23 giving total value of $184

UNDER LIFO

Cost of Goods Soldis 25 units with a total value of $483

Ending Inventory is 8 units @ $15 giving total value of $120

Explanation:

Jun.1 Beginning merchandise inventory [email protected]$15each

12 Purchase [email protected]$19each

20 Sale [email protected]$37each

24 Purchase [email protected]$23each

29 Sale [email protected]$37each

1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.

FIFO INVENTORY METHOD

DateParticularsUnit PriceUnitsAmount

Jun-01Opening Stock15 17 225

Jun-12Purchases 19 5 95

Jun-24Purchases 23 11 253

Goods Available For Sale 33 603

15 17 255

19 5 95

23 3 69

Cost of Goods Sold 25 419

Ending Inventory 23 8 184

2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

LIFO INVENTORY METHOD

DateParticularsUnit PriceUnitsAmount

Jun-01Opening Stock15 17225

Jun-12Purchases 19 5 95

Jun-24Purchases 23 11 253

Goods Available For Sale 33 603

23 11 253

19 5 95

15 9135

Cost of Goods Sold 25483

Ending Inventory 15 8 120

Answer from: Quest

d. low interest rates

Answer from: Quest

When they plug they’re nose

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