Question
4. The Shamrock Corporation had the following inventory transactions for its only product during 2018: Purchases February 15 2,000 units @ $27.00 each April 20
4. The Shamrock Corporation had the following inventory transactions for its only product during 2018:
Purchases
February 15 2,000 units @ $27.00 each
April 20 3,000 units @ $28.40 each
October 25 1,200 units @ $31.25 each
Sales
March 1 1,200 units @ $50.00 each
June 12 2,000 units @ $52.00 each
August 10 1,000 units @ $53.00 each
December 14 1,600 units @ $55.00 each
The company had 1,000 units in its January 1, 2018 beginning inventory with a unit cost of $24 each
a. Calculate the companys December 31, 2018 cost of goods sold and ending inventory using each of the three inventory costing methods. b. Calculate the companys gross profit for 2018 using each of the three inventory costing methods. Clearly show step by step with details how to get ending inventory for FIFO LIFO, AVERAGE COST
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