Question
During 2023, a firm's inventory account included the following transactions: First quarter 1,500 units @ $50 Second quarter 1,250 units @ $47 Third quarter 900
During 2023, a firm's inventory account included the following transactions:
First quarter | 1,500 units | @ $50 |
Second quarter | 1,250 units | @ $47 |
Third quarter | 900 units | @ $48 |
Fourth quarter | 2,500 units | @ $40 |
The inventory at the end of 2022 was 500 units at $55 per unit. Sales for the year were 5,000 units at the price of $65. Compute the gross profit for the year under FIFO and LIFO respectively.
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
