Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Safe Hiring Audit The Employers Guide To Implementing A Safe Hiring Program

Authors: Lester S. Rosen

1st Edition

1889150517, 978-1889150512

More Books

Students also viewed these Accounting questions

Question

1. Let a, b R, a Answered: 1 week ago

Answered: 1 week ago

Question

3. What should a contract of employment contain?

Answered: 1 week ago

Question

1. What does the term employment relationship mean?

Answered: 1 week ago