ATV Co. began operations on March 1 and uses a periodic inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard.

MARCH 1:

PURCHASE 100 units at $50

MARCH 5:

PURCHASE 400 units at $55

MARCH 9:

SALE 420 units at $85

MARCH 18:

PURCHASE 12O units $60

MARCH 25

PURCHASE 200 units at $62

MARCH 29

SALE 160 units at $95

The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both LIFO ar Periodic FIFO Cost of Goods Sold Ending Inventory Date # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory 0 Cost per unit Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 100$ 50.00 $ 5,000 400 S 55.00 22,000 120ls 60.00 7,200 200S 62.00 12,400 820 $ 46,600 100$ 50.00 5,000 22,000 400 $ 55.00 March 1 March 5 March 18 March 25 Total 0 80 $ 60.00 4,800 55 X $ 60.00 55 S 62.00 0 3,300 3,410 6,710 580 $ 31,800 110 $ Periodic LIFO Cost of Goods Sold Ending Inventory Cost per Date # of units sold Cost per unit Cost of Goods Sold Cost per # of units in ending inventory unit Ending Inventory 0 Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale 100 S 50.00 $ 5,000 400 s 55.00 22,000 120 S IS 60.00 7,200 200 S 62.00 12,400 55.00 March 1 March 5 5 March 18 March 25 23,100 420 XS 0 0 X 0 X 0 x 0 X 0 0 0 Total 820 $ 46,600 420 $ 23,100 0 $ 0 FIFO LIFO $ Gross Profit Sales Cost of goods sold Gross profit OOO 46,600 X 31,800 46,600 x S