Question

please help

1-May Beginning 5-May Purchase Units 40 15 Unit cost sale price $ 15.00 $ 20.00 $ $ Total 600.00 300.00 • 10-May Sale 30 $35 $ 1,050.00 15-May Purchase 20 25.00 $ 500.00 $ 1.000.00 20-May Sale LIFO Avg FIFO Cost of Goods Sold Ending inventory Gross Profit

Answer 1

Answer:- Total sales value = $1050 + $ 1000 = $2090 FIFO melhod I purchases Units Unit cost cost of goods sold I Units Uniteost Total ending inventory I Units ohit cost Total 40 415 $600 Total Date p-may 600 $20 $300 15-may 15 300 TO 30 15 uso 850 ñ olan yon 8 Gon to may 300 20 po lis may 500 25 1510 300 ar 500 25 soo o 150 9 150 20-may io 55 $ 500 Total $900 · cost of goods sold = $900 Ending inventory = $500 Gross profit. = salese cost of goods cold = 42090 – $900 = $1150

i Lito method :- Purchases Date I units Unit cost cost of goods sold Total 1 Units Unitcost , Ending inventory Total 1 Units Unitcost Total Tuo &15 $600 I may | 40 - 415 600 300 $300 15-may) is $20 las is $375 Icomay is 15 20 15 $200 225 375 Tas 115-may 20 25 . 500 as soo lao 300 500 ad 15 soo 20 laomay 186 ar sus l' 55 $1100 ao Total $300 · cost of goods solds $1100 Ending inventory = $ 300 - Gross profit = sales, cost of goods sold = $ 2090 - $1100 = $950

Average metto Purchases / Units Unitost cost of goods sold Units Unit-cat Total Dalle Total l-may I Ending inventory 1 units Unit cost Total 40 $15 $600 Tyo is 600 15 20 300 | 55 16-3636 900 as 16-3636 409 5-may 15 $20 $300 10 may 1 30 16-3636 491 15 may 20 25 500 25 20 45 20 16-3636 25 20.2 20.2 409 500 909 404 25 20.2 505 20-mau Total! 55 $996 | 20 $404. .: cost of goods sold = ¢996 Ending inventory = $404 goods sold . Gross profit = sales - cost of = $2050 - $996 = $ losty PIPO LIFO Aug $1100 cost of goods sold Ending inuentory $900 | $500 $ 996 $ 404 $300 Gross profit Slo $950 & Ios4