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Hansen Company uses the periodic inventory method and had the following inventory information available: A physical count of inventory on December 31 revealed that there
Hansen Company uses the periodic inventory method and had the following inventory information available: A physical count of inventory on December 31 revealed that there were 380 units on hand. (NOTICE: This is not the units sold but the units left in Ending Inventory!) The sales price for each unit sold was $8. Assume that the company uses the FIFO method. At December 31: Ending inventory $, Cost of goods sold $, Gross profit $. Assume that the company uses the LJFO method. At December 31: Ending inventory $, Cost of goods sold $, Gross profit $. Assume that the company uses the Weighted Average Cost method. At December 31: Ending inventory $, Cost of goods sold $, Gross profit $. Calculate the cost of goods sold and ending inventory balance assuming the company uses the following inventory methods: Assume that the company uses the FIFO method. At March 31: Ending inventory $, Cost of goods sold $, Gross profit $. Assume that the company uses the LIFO method. At March 31: Ending inventory $, Cost of goods sold $, Gross profit $. Assume that the company uses the Weighted Average Cost method. At March 31: Ending inventory $, Cost of goods sold $, Gross profit $
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