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Unit selling prices are provided in the excel file for units sold. What is the amount of gross profit The Widget Depot, Inc. will report for 2018?

What amount of gross profit would the Widget Depot, Inc. have reported for 2018 if it accounted for inventory using FIFO instead of LIFO?

Inventory Information Purchases Purchase Returns Units Sold Selling Product Units Cost/Unit Iotal Cost Units Cost/Unit Total Units Cost/Unit 45,000 50,000 Handy Widget 5500 10 55,000 9 405,000 2000 918,000 90,780 20 350,000 Heavy Duty Widget 5325 20 106,500 29,450 20,000 20 589,000 21 420,000 1500 20 30,000 50,140 35 International Widget 2100 063,000 10,000 28,000 30 300,000 31,410 2 896,000 700 32 22,400 12,925 224,500 FO)-1/1/18 Units Cost/Unit Iotal Cost 182,450 2,960,000 4,200 70,400 Beginning Inve Product: 1500 1000 3000 5500 Handy Widget 8 12,000 9,000 10 30,000 Heavy Duty Widget 1500 1200 2000 16 24,000 17 20,400 19 38,000 20 12,500 27,000 14,000 18,000 International Widget 500 600 2100 27 28 30 204,900

business   accounting   
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FIFO we Under periodic method Cost of ending inven Ending Invent Most recent cost Heavy Duty International Widget under dic-FIF0 Ending Invent Most recent cost Ending Invent Most recent cost 7,720 7,990 Cost Cost Units Rate Cost last purchase last 21 65,835 last 7,990 32 255,680 Alternative Method Cost of Unit Sold Earliest Cost From o First Purchase Second Purchase Alternative Method Cost of Unit Solod Earliest Cost From Opening Balance First Purchase Alternative Method Cost of goods sold under periodic-FIFO: Unit Sold Earliest Cost From Opening Balance First Purchase s sold under periodic-FIFO: s sold under periodic-FIFO: 90,780 50,140 31,410 Units Rate Cost Cost Units Rate Cost Balance 5,500 43,000 42 10 55,000 9 387,000 7 295,960 5,325 27,950 16,865 20 106,500 20559,000 21 354,165 2,100 10,000 19,310 30 30 300,000 32 617,920 63,000 Second Purchase Second Purchase COGS 90,780 737,960 COGS 50,140 1,019,665 COGS 980,920 Determine the gross profit from sales for the period 3. Determine the fit from sales for the period. . Determine the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross Profit $1,815,600 $737,960 $1,077,640 Total sales Total cost of merchandise sold Gross Profit $1,754,900 $1,019,665 $735,235 Total sales Total cost of merchandise sold Gross Profit 51,099,350 $980,920 $118,430 Total Gross Profit $1,931,305

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