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Below is information related to inventory purchases and sales of lawn mowers for Diamond Hardware Store. Diamond Hardware uses the periodic inventory systems Beginning Inventory
Below is information related to inventory purchases and sales of lawn mowers for Diamond Hardware Store. Diamond Hardware uses the periodic inventory systems Beginning Inventory -25 lawn mowers for $180 each 1-Mar Purchased 50 lawn mowers for $200 each 7-Apr Purchased 60 lawn mowers for $210 each 15-Apr Sold 65 lawn mowers for $450 each 5-May Purchased 40 lawn mowers for $225 each 25-May Sold 50 lawn mowers for $450 each 1. Calculate the Cost of Goods Available for Sale 2. Calculate Ending Inventory Costs Under FIFO, LIFO and Average Cost. Please show units FIFO Unit Cost Cost LIFO Average Cost Units Units Unit Cost Cost Units Unit Cost Cost 3. Calculate Cost of Goods Sold under FIFO, LIFO and Average Cost FIFO LIFO Average Cost 4. Calculate Gross Profit under FIFO, LIFO and Average Cost. Use Formula Sales Cost of Goods Sold Gross Profit FIFO LIFO Average Cost In a period of rising prices, which cost flow inventory method results in the highest ending inventory? In a period of rising prices, which cost flow inventory method results in the highest cost of goods sold? Calculate the inventory tumover for Diamond Hardware (use FIFO beginning and ending inventory). Calculate the days in inventory for Diamond Hardware (use FIFO beginning and ending inventory)
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