Question
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Date Transaction Units @ Total 1-Nov
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period:
Date | Transaction | Units | @ | Total |
1-Nov | Beginning balance | 40.00 | $20.00 | $800.00 |
4-Nov | Purchases | 70.00 | $22.00 | $1,540.00 |
6-Nov | Purchases | 40.00 | $24.00 | $960.00 |
7-Nov | Sales | 100.00 | $60.00 | $6,000.00 |
1. Calculate the cost of ending inventory after Nov 7 sale per LIFO
2. Calculate the gross profit for the period given per LIFO
3. Calculate the cost of ending inventory after Nov 7 sale per the Weighted Average method
4. Calculate the cost of goods sold for the period given per the Weighted Average method
5. Calculate the total purchases for the period given per FIFO
6. Calculate the goods available for sale for the period given per the Weighted Average method
7. Calculate the gross profit for the period given per FIFO
8. Calculate the cost of goods sold for the period given per LIFO
9. Calculate the cost of goods sold for the period given per FIFO
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