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During the year, Lenawee Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 25 $27
During the year, Lenawee Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 25 $27 $675 March 4 Purchase 30 26 780 June 9 Purchase 35 25 875 November 11 Purchase 35 23 805 125 $3,135 For the entire year, the company sells 98 units of inventory for $35 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calcul
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