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Q10. Chang's Crystals sells wine glasses and had the following purchases and sales for February. The company sold 35 units and the sales price of

Q10. Chang's Crystals sells wine glasses and had the following purchases and sales for February. The company sold 35units and the sales price of each glass is $38 per glass. Calculate gross profit for the month using LIFO.

Date Transactions Units Cost Per Unit
Feb 1 Beginning Inventory 20 $19
Feb 15 Purchase 10 $22
Feb 25 Purchase 10 $23
Feb 30 Purchase 8 $24

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