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need help calculating the gross profit of FIFO and LIFO. thanks! What is gross profit under each method? FIFO LIFO Gross profit $ $ 2
need help calculating the gross profit of FIFO and LIFO. thanks!
What is gross profit under each method? FIFO LIFO Gross profit $ $ 2 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory 1344 1200 Cost of goods sold $ 15,750 s 15,894 eTextbook and Media Attempts: 2 of 4 used Using multiple attempts will impact your score. 25% score reduction after attempt 3 (b) Your answer is correct For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold S 17.094 17,094 What do you notice about the answers you found for each method? Under both methods, the sum of the ending Inventory and cost of goods sold are equal the same amount e Teoctbook and Media Sweet Acacia Corp. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information to Sweet Acacia Corps purchases of WhiteOut snowboards during September. During the same month, 147 WhiteOut snowbo were sold at $ 170 each. Sweet Acacia Corp. uses a periodic inventory system. Date Units Unit Cost Total Cost Sept. 1 Explanation Inventory Purchases 31 $ 100 $ 3,100 Sept. 12 47 106 4.982 Sept. 19 Purchases 30 110 3,300 Sept. 26 Purchases 51 112 5,712 til Totals 159 $ 17,094 Step by Step Solution
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