Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lexcorp had the followmg activity during March of 2022. Activity Date Units Purchase Cost per Unit Sale Price per Unit Beginning inventory 3112022 4 $7
Lexcorp had the followmg activity during March of 2022. Activity Date Units Purchase Cost per Unit Sale Price per Unit Beginning inventory 3112022 4 $7 Purchase 3512022 16 $8 Sale 382022 9 $i8 Purchase $142022 1i $i0 Sale Brig-2022 14 $i8 Purchase 3i23r'2022 2i $11 Sale 3:2?!2022 24 $20 33. Using the FIFO Assumption, how many units were sold during March7 34. Using the FIFO Assumption, what was the total Cost 0 35. Using the FIFO Assumption, what wasthe Ending inventory for March? (hint: Answer should be in dollars) 36. Using the LIFO Assumption, how many units were sold during March? 37' Using the LIFO Assumption, what was the total Cost of Goods Sold during March? (hint: Answer should be in c 38. Using the LIFO Assumption, what was the Ending Inventory for March? (hint: Answer should be in dollars) 49. Using the Weighted Average Assumption, how many units were sold during March? 50. Using the Weighted Average Assumption. what was the total Cost of Goods Sold during March? (hint: Answer should be in dollars) 51. Using the Weighted Average Assumption, what was the Ending Inventory for March? (hint: Answer should be in dollars} BONUS QUESTIONS 52. What is Lexcorp's gross profit using the FIFO Assumption? 53. What is Lexcorp's gross profit using the LIFO Assumption? 54. What is Lexcorp's gross profit using the Weighted Average Assumption? Goods Sold during March? (hint: Answer should be in dollars} ollars)
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