Professional-T's opened a new custom organic t-shirt shop and during its first month of operation, the...

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Professional-T's opened a new custom organic t-shirt shop and during its first month of operation, the company had the following information regarding the buying and. selling of its inventory. Purchased 325 units at $7 per unit Purchased 220 units at $6 per unit May 1 May 7 May 11 Sold 260 units May 16 Sold 140 units May 19 Purchased 475 units at $5 per unit May 25 May 30 Purchased 240 units at $4 per unit Sold 190 units In the month of May, the company sold each custom organic t-shirt for $18 per unit. Required: Assume the company uses a periodic inventory method. a. Calculate the following values for each inventory method. FIFO: LIFO: Weighted-Average: Cost of Goods Sold type your answer... type your answer... type your answer... Ending Inventory type your answer... type your answer... type your answer... Gross Profit type your answer... type your answer... type your answer... b. If Professional-T's wanted to minimize income taxes, what method would you recommend to the company using the inventory information for t-shirts as a guide? type your answer... Professional-T's opened a new custom organic t-shirt shop and during its first month of operation, the company had the following information regarding the buying and. selling of its inventory. Purchased 325 units at $7 per unit Purchased 220 units at $6 per unit May 1 May 7 May 11 Sold 260 units May 16 Sold 140 units May 19 Purchased 475 units at $5 per unit May 25 May 30 Purchased 240 units at $4 per unit Sold 190 units In the month of May, the company sold each custom organic t-shirt for $18 per unit. Required: Assume the company uses a periodic inventory method. a. Calculate the following values for each inventory method. FIFO: LIFO: Weighted-Average: Cost of Goods Sold type your answer... type your answer... type your answer... Ending Inventory type your answer... type your answer... type your answer... Gross Profit type your answer... type your answer... type your answer... b. If Professional-T's wanted to minimize income taxes, what method would you recommend to the company using the inventory information for t-shirts as a guide? type your answer...

Answer rating: 100% (QA)

a Calculations under each inventory method FIFO Beginning inventory 0 units Purchases 325 units at 7 ... View the full answer