Business, 26.02.2020 05:59 yoongislaugh

The Breeze trading company discloses the following information for the month of August 2016.

Aug. 01: Beginning inventory, 600 units @ $5 each each.
Aug. 10: Sold 400 units @ $12 each.
Aug. 11: Purchased 1,600 units @ $6 each.
Aug. 15: Sold 1,000 units @ $12.50 each.
Aug. 20: Purchased 1,000 units @ $6.50 each.
Aug. 27: Sold 600 units @ $13.50 each.
Required:

Assume the Breeze trading company uses periodic inventory system, compute cost of goods sold (COGS), ending inventory and gross profit under:
(a). FIFO
(b). LIFO
Assume the Breeze company uses perpetual inventory system, compute cost of goods sold (COGS), ending inventory and gross profit under:
(a). FIFO
(b). LIFO
Explain the reason of higher gross profit under FIFO than LIFO?

Answers: 2

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The Breeze trading company discloses the following information for the month of August 2016.
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