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Please show work. Thanks! Crimson, Inc., a high fashion retailer, that maintains its inventory using a perpetual system, had the following purchases and sales in
Please show work. Thanks!
Crimson, Inc., a high fashion retailer, that maintains its inventory using a perpetual system, had the following purchases and sales in August, 20X1. Sales Price Date Units Cost Total 1-Aug Beginning Balance 30 $32 $960 6-Aug Purchased 40 $22 $880 11-Aug Purchased 100 $24 $2,400 14-Aug Sold 19-Aug Sold 26-Aug Purchase 60 $28 $1,680 30-Aug Sold $60 $60 $60 Use the data above to calculate Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO, LIFO, and Weighted Average for Questions 5, 6, and 7. Hint: Do not round the unit costs. DO ROUND the final answers to the nearest dollar. Inventory Method Cost of Goods Sold Ending Inventory Gross Profit FIFO LIFO Weighted Average $ $Step by Step Solution
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