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For the entire year, the company sells 443 units of inventory for $67 each. Required: 1-a & b. Using FIFO, calculate ending inventory and
For the entire year, the company sells 443 units of inventory for $67 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, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using LIFO, calculate ending inventory and cost of goods sold. LIFO Cost of Goods Available for Sale Cost of Goods Sold Number Cost per of units unit Cost of Goods Available Cost of of units Number Cost per unit Goods Sold for Sale Beginning Inventory 57 $ 49 $ 2,793 Purchases: April 07 137 $ 51 6,987 July 16 207 $ 54 11,178 October 06 117 $ 55 6,435 Total 518 $ 27,393 Ending Inventory Number Cost Ending of units per unit Inventory
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