Question
Please solve these 2 simple problems, two pictures are two different maths. Thanks in advance. Casper Inc. buys and sells a household cleaning item for
Please solve these 2 simple problems, two pictures are two different maths. Thanks in advance.
Casper Inc. buys and sells a household cleaning item for the last 8 years at their New Jersey outlet. The following information is for Casper Inc. for the month ended June 30 2018. Casper Inc. uses the periodic method for inventory. Date June 1 June 3 June 5 June 9 June 11 June 13 June 15 June 17 June 19 Required: a. Calculate Description Openin Invento Purchase Sale Sale Sales Return Purchase Purchase Retum Sale Purchase Quantity 80 270 220 15 30 110 20 130 70 Unit Cost or Selling Price 80 86 140 25 140 92 92 152 100 (i) Ending Inventory, (ii) Cost of Goods sold, (iii) Gross Profit Under each of the following methods. I-IFO. (2) FIFO. (3) Average-cost. b. From your calculations, analyze which method results in I. The highest ending inventory, and 2. The highest cost of goods sold.
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