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I have a question regarding LIFO,FIFO Weighted AVg and Specific Identification, see attached word doc. Units Acquired at Cost Units Sold at Retail Mar. 1
I have a question regarding LIFO,FIFO Weighted AVg and Specific Identification, see attached word doc.
Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 90 units @ $50.80 per unit Mar. 5 Purchase 220 units @ $55.80 per unit Mar. 9 Sales Mar. 18 Purchase 80 units @ $60.80 per unit Mar. 25 Purchase 140 units @ $62.80 per unit Mar. 29 Sales Activities 250 120 Totals 530 units Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase. (Round weighted average cost per unit to two decimals.) Sales Less COGS Gross Profit FIFO $ $ $ LIFO $ $ $ Weighte d Avg $ $ $ Specific Identification $ $ $ 370Step by Step Solution
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