he following data was extracted from the records of Shear-Lock Combs, Inc.: Sales Revenue 400 units...
he following data was extracted from the records of Shear-Lock Combs, Inc.:
Sales Revenue 400 units at $35 per unit
Purchases 300 units at $20 per unit
Beginning Inventory 150 units at $16 per unit
What is the gross profit using the FIFO method?
Homework Answers
Answer-The gross profit using the FIFO method is = $6600.
Explanation- Gross profit = Sales- Cost of goods sold
= (400 units*$35 per unit)-$7400
= $14000-$7400
= $6600
Where – Cost of goods sold = (150 units*$16 per unit)+(250 units*$20 per unit)
= $2400+$5000
= $7400
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