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Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed scooters at the following dates
Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed scooters at the following dates and acquisition costs: Purchase Date Jan 1 Jan 22 Mar 3 Units Unit Cost Total Cost 3 $4,150 $12,450 3 3 9 4,650 4,850 13,950 14,550 $40,950 On April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a periodic inventory system. Required: 1. Compute the ending inventory value at April 30, 2022 goods sold through this date under each of the periodic procedures 1. Average cost 2. FIFO and the cost of costing 2. Calculate the gross profit and the gross profit percentage under each of the costing methods.
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