Question
Lester Company sells many products. Hackenberry is one of its popular items. Below is an analysis of the inventory purchases and sales of Hackenberry for
- Lester Company sells many products. Hackenberry is one of its popular items. Below is an analysis of the inventory purchases and sales of Hackenberry for the month of March. Lester Company uses the periodic inventory system.
PurchasesSales
UnitsUnit CostUnitsSelling Price/Unit
3/1Beginning inventory100$40
3/3Purchase60$50
3/4Sales70$80
3/10Purchase200$55
3/16Sales80$90
3/19Sales60$90
3/25Sales40$90
3/30Purchase40$65
Instructions
(a)Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b)Using the moving average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(c)Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(d) Show Cost of goods sold, Closing inventory and Gross profit in separate graphs under each of the methods
please solve this for me
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started