Homework Answers
| Unit | Unit Cost | Total Cost | |
| Beginning inventory | 295 | 12 | 3540 |
| Purchase 1 | 799 | 15 | 11985 |
| Purchase 2 | 498 | 16 | 7968 |
| Total | 1592 | 23493 |
Sale unit = 997 Units
a) calculate following
| LIFO | FIFO | |
| Ending inventory | (295*12+300*15) = 8040 | (498*16+97*15) = 9423 |
| Cost of goods sold | 23493-8040 = 15453 | 23493-9423 = 14070 |
b) Ending inventory under LIFO perpetual = (99*12+294*15+202*16) = 8830
c) Gross profit = 31303-14070 = 17233
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