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A company uses a perpetual inventory system. At the beginning of August the company had 70 units of inventory with a per unit cost of
A company uses a perpetual inventory system. At the beginning of August the company had 70 units of inventory with a per unit cost of $25. The company completed the following during the month: B (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.) Sales Revenue Cost of Goods Sold Gross profit FIFO LIFO Weighted average Data Table X Units Unit Cost Unit Sales Price 60 S 74 80 $ 43 Aug. Sale 8 Purchase 21 Sale 30 Purchase 70 79 20 49 Print Done
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