Business, 30.03.2021 01:00 djj94

To better compare the two companies, Pickering wants you to prepare the following analysis. 1. Show the computation of BioTech's cost of goods sold in 2018 using the LIFO method. 2. Prepare summary journal entries for 2018 for BioTech l s purchases of inventory (assume all purchases are on account), sales (assume all are on account), and cost of goods sold. A T- account has been set up for inventory. Post these transactions into the T-account. The company uses the perpetual inventory method. 3. Show the computation of BioTech's cost of goods sold for 2018 using the FIFO method. 4. Compute the gross profit percentage for 2018 for both BrightWorld and BioTech using FIFO figures for both. 5. Compute the inventory turnover for 2018 for both BrightWorld and BioTech using FIFO figures for both. 6. Which company appears stronger

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