Question
Please give explanations for the answers! Use the following information for the next three questions The records of Pappy Company reflected the following for the
Please give explanations for the answers!
Use the following information for the next three questions
The records of Pappy Company reflected the following for the month of March
Date Transaction No. of units Unit Cost
3/1 Beginning Inventory 20 $7
3/8 Purchase 65 $9
3/23 Purchase 85 $11
3/25 Purchase 60 $13
3/30 Sale 130 $16
42. What is cost of goods sold for March using LIFO?
$1,520
$1,715
$1,220
$2,080
$1,550
43. What is ending inventory for March using FIFO?
$890
$915
$1,520
$1,220
$1,275
44. What is gross profit for March using the average cost method?
$530
$701
$860
$360
$780
If there was any way in these questions to do all ending inventory, gross profit and cost of goods sold for each method that would be a great help! Please and thank you.
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