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Abiy's Apple Pies purchases pies from a supplier, which it then sells to customers. During the year, it had the following information related to its

Abiy's Apple Pies purchases pies from a supplier, which it then sells to customers. During the year, it had the following information related to its inventory:

Beginning Inventory120 units, purchased for $3 each.
Sale90 units, sold for $10 each
Purchase20 units, purchased for $4 each.
Purchase15 units, purchased for $5 each.
Sale25 units, sold for $11 each.

A. Using the information above, complete the following table related to Abiy's Apple Pies. Assume Abiy's uses the periodic inventory method. Round your final answer to the nearest whole number.

FIFOLIFOAverage Cost
Cost of Goods Sold
Ending Inventory

B. Using the same information for Abiy's Apple Pies, complete the following table. Assume Abiy uses the perpetual inventory method.

FIFOLIFO
Cost of Goods Sold
Ending Inventory
Gross Profit

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A Using the periodic inventory method To calculate the cost of goods sold COGS and ending inventory using the FIFO FirstIn FirstOut LIFO LastIn FirstO... blur-text-image

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