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Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! 5) The following
Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! 5) The following data was obtained from the records of Ivanovich Artists, Inc., for the current year. Sales during the year were 400 units. (SHOW YOUR WORK) Jan. 1 Beginning Inventory 100 units at $10 February 1 Purchase 200 units at $12 April 1 Purchase 100 units at $14 July 1 Purchase 60 units at $16 Required: Calculate the cost of the ending inventory AND cost of goods sold using: a) FIFO. (1 pt) b) LIFO. (1 pt) c) Average cost. Round average cost per unit to two decimal places. Round answers to the nearest dollar. (1 pts) d) Sales price per unit is $20. Operating expenses were $2,000. Ignore Income Taxes. Prepare an Income statement using FIFO numbers you calculated in a). ( 2 pts)
Please help me complete this.
I have been struggling for quite some time, and mainly I need the answer.
Thank you !
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