Merchandise Inventory Beginning Jan-01 Inventory $100 315 31,500 \"wewes | 1 1 Total cost of goods available for sale 31,000 F17.000 Inventory Valuation Method The physical year-end count = 450 units for all methods Each unit is sold for $50 Merchandise Inventory Beginning Jan-01 Inventory $100 315 31,500 \"wewes | 1 1 Total cost of goods available for sale 31,000 F17.000 Inventory Valuation Method The physical year-end count = 450 units for all methods Each unit is sold for $50 Average Sold Units Cost of Units Total Sales Sales Cost of Goods Sold Units Total Goods available for sale Less: Ending Inventory Date Units Cost/Unit Total Total Cost of Goods Sold = Gross Profit = Fill in the blank: When prices rise, average unit cost gives the Net IncomeFIFO Sold Units Cost of Units Total Sales Sales Cost of Goods Sold Units Total Goods available for sale Less: Ending Inventory Date Units Cost/Unit Total Total Cost of Goods Sold = Gross Profit = Fill in the blank: When prices rise, FIFO gives the Net IncomeApply perpetual cost flow assumptions Calulate Gross Profit You are given the following info for Danielle Company for the month ended June 30, 2008: Date Description Units Unit Price Beginning Jun 1 Inventory 60 $126 Jun 4 Purchase 170 $140 Jun 10 Sale 180 Jun 18 Purchase 70 $144 Jun 25 Sale 100 Jun 28 Purchase 40 $156 They use a perpetual inventory system June 10 sale price per unit: $180 June 25 sale price per unit: $192LIF Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Total Inventory Cost Sale Price per Date Units Unit Total Total Sales Cost of Goods Sold Gross ProfitSale Price per Date Units Unit Total Total Sales Cost of Goods Sold Gross ProfitSale Price per Date Units Unit Total Total Sales Cost of Goods Sold Gross ProfitFIF Date Units Purchases Cost Total Units Cost of Goods Sold Cost Total Units Balance Cost Total Total Inventory Cost Average Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Total Inventory Cost