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ps: Please fill in the table in the order of positions in the picture, otherwise I may not understand it. Dublin Corporation provides the following
ps: Please fill in the table in the order of positions in the picture, otherwise I may not understand it.
Dublin Corporation provides the following information related to its inventory during the month of October: October 1 Inventory on hand-3,000 units; cost $6.00 each. October 9 Sold 2,400 units for $10.00 each. October 12 Purchased 1,200 units for $6.30 each. October 18 Sold 1,000 units for $10.20 each. October 24 Purchased 1,400 units for $7.20 each. October 31 Inventory on hand Required: Using calculations based on a PERPETUAL inventory system, determine the inventory balance Dublin would report in its October 31 balance sheet and the cost of goods sold it would report in its October income statement using each of the following cost flow methods. 1. Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method. 2. Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method. 3. Compute the amount of gross profit under the two methods. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 Dublin Corporation provides the following information related to its inventory during the month of 2022. \begin{tabular}{|l|l|l|c|} \hline \multicolumn{1}{|c|}{ Date } & & \multicolumn{1}{|c|}{ Units } & Per unit \\ \hline October 1 & Inventory on hand & 3,000 units at cost of & $6.00 per unit \\ \hline October 9 & Sold & 2,400 units for & $10.00 each \\ \hline October 12 & Purchase & 1,200 units at a cost of & $6.30 per unit \\ \hline October 18 & Sold & 1,000 units for & $10.20 each \\ \hline October 24 & Purchase & 1,400 units at a cost of & $7.20 per unit \\ \hline October 31 & Inventory on hand & \multicolumn{2}{|l}{ units } \\ \hline \end{tabular} Required: Using calculations based on a PERPETUAL inventory system, determine the inventory balance Dublin would report in its October 31 balance sheet and the cost of goods sold it would report in its October income statement using each of the following cost flow methods. 1. Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method. 3. Compute the amount of gross profit under the two methodsStep by Step Solution
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