$3$

$\backslash$table$[[$Date$,$Transaction,Quantity,,Price per Unit$],[1-$Jan,Beginning Inventory,$88,$$$,42\mathrm{.}00],[7-$Apr,Purchase,$194,$$$,44\mathrm{.}00],[16-$Jul,Purchase,$484,$$$,47\mathrm{.}00],[6-$Oct,Purchase,$114,$$$,48\mathrm{.}00],[,$Totals,$880,,],[,,,,]]$

Prepare a summary entry to record all purchases for the year, assuming all items were purchased on account.

The company sold the following units during the year.

Quantity

Sales Price

$704$$$60\mathrm{.}00$

Calculate the Cost of Goods Sold, Ending Inventory, Sales Revenue and Gross Profit under each of the following methods. For Average Cost, round all calculations to $2$ decimal places:

Cost of Goods Sold

FIFO

LIFO

Average Cost

Ending Inventory

Sales Revenue

Gross Profit

$\backslash$table$[[,,],[,,],[,,],[,,]]$

Prepare a summary entry to record all $($a$)$ sales and $($b$)$ cost of goods sold for the year, assuming all items were sold on account and the company uses LIFO inventory.