Problem 10-13

Using the information provided, calculate the gross profit through May 31 for the Pro Shop, assuming that the Sets are sold for $495.00 each.

			# of Sets of Golf Clubs		Cost / Set		Total Cost
Beginning Inventory Jan1:	5		$ 250.00		$ 1,250.00
8-Jan	12		$ 265.00		$ 3,180.00
12-Feb	20		$ 270.00		$ 5,400.00
20-Mar	20		$ 280.00		$ 5,600.00
5-Apr	20		$ 290.00		$ 5,800.00
18-May	10		$ 300.00		$ 3,000.00
	Available for sale	87				$ 24,230.00
	Sets Sold		57
	Ending Inventory	30

REQUIRED

1. Calculate when the business uses the FIFO inventory valuation
2. Calculate when the business uses the LIFO inventory valuation