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Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Production Sales
Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Production Sales Units Total Costs Units Sales Revenue Units in Ending Inventory 2018 100,000 $200,000 80,000 $400,000 20,000 2019 120,000 234,000 110,000 550,000 30,000 2020 130,000 247,000 150,000 750,000 10,000 2021 130,000 240,500 120,000 600,000 20,000 Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: 2018 2019 2020 2021 a. FIFO (Round unit costs to 2 decimal places, if required.) $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 b. LIFO (Round
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