Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 Inventory | 120 units, purchased for $3 each. |
Sale | 90 units, sold for $10 each |
Purchase | 20 units, purchased for $4 each. |
Purchase | 15 units, purchased for $5 each. |
Sale | 25 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.
FIFO | LIFO | Average 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.
FIFO | LIFO | |
Cost of Goods Sold | ||
Ending Inventory | ||
Gross Profit |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started