ACCOUNTING QUESTIONS

Use this data to answer questions below: JAN _'11 Beg. Inv 20 units @ $ 200 each = MAR '11 Purchase 40 units @ $ 225 each = MAY '11 Purchase 30 units @ $ 250 each = NOV '11 Purchase 20 units @ $ 275 each = TOTAL 110 units Company SOLD 80 units. Ending Inventory is 30 units. $ 4,000 $ 9,000 $ 7,500 $ 5,500 $ 26,000 4. Calculate the cost of Goods Sold using the FIFO method. 5. Calculate the cost of Goods Sold using the LIFO method. 6. Calculate the Ending Inventory using the FIFO method. 7. Calculate the Ending Inventory using the LIFO method. Data for the 2 questions below: Sales $100,000 Cost of Goods Sold Admin & General Sales Discounts $5,000 Expenses 55,000 10,000 Sales Returns & Allowances $10,000 Use any amount needed (from above) to calculate "Gross Profit". - Use any amount needed (from above) to calculate "Net Profit