Question
abu's magic carpets limited began the month of febuary 2022 with 1500 units of inventory at a cost of $ 50 each . during the
abu's magic carpets limited began the month of febuary 2022 with 1500 units of inventory at a cost of $ 50 each . during the month of febuary 2022, the store had the following inventory transactions.
no if units costd per unit
purchase feb 6th 3000 $55
purchase feb 15 th 4000 $60
purchase feb 25th 1500 $ 65
on feb 28th abu magic carpets sold 6000units of inventory at $ 140 each to customers
required a) calculate the cost of goods sold for feb 2022 & cost of inventory at feb 28 , 2022 using the fifo method.
B) cal the cost of goods sold for februray 2022 & cost of ending inventory at feb 28 , 2022 using the weighted average cost method .
c) cal the gross profit for feb 2022 using the fifo method
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