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A company uses a perpetual inventory system. At the beginning of August the company had 50 units of inventory with a per unit cost of
A company uses a perpetual inventory system. At the beginning of August the company had 50 units of inventory with a per unit cost of $35. The company completed the following during the month (Click the icon to view the transactions.) For each of the following inventory costing methods, show the calculation of gross profit for the month. (For weighted-average computations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table Sales Revenue Cost of Goods SoldGross profit FIFO LIFO Weighted-average Units Unit Cost Unit Sales Price Aug. 3 Sale 45 S 85 8Purchase 90 21 Sale 30 Purchase 54 85 15 58
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