November 10, 2021

Following table shows inventory data of ABC T-shirts Company -

Date	Explanation	Units	Unit Cost	Total Cost
Jan 1	Beginning Inventory	200	$12	$2,400
April 15	Purchase	350	14	4,900
June 15	Purchase	200	11	2,200
Nov 15	Purchase	300	15	4,500
	Total units available for sale	1,050
	Units in ending inventory	500
	Units sold

a. Using FIFO, calculate cost of goods sold in the table below

Date	Units	Unit Cost	Total Cost
Total

b. Using LIFO, calculate cost of goods sold in the table below

Date	Units	Unit Cost	Total Cost
Total

c. If company earns $8,000 cash selling 550 shirts, then complete the following journal entries

(Record revenue and Cash or Accounts receivable)

Using FIFO (Record COGS and Inventory)

Using LIFO (Record COGS and Inventory

d. Profit using FIFO: Profit =

Profit using LIFO: Profit =