Salt Co and Pepper Co are in the same business and sell the same merchandise but have different inventory systems Salts is perpetual and Peppers is periodic Both companies sell their products at a price of $10 each, and their inventory activity for March of 2020 is presented below Salt Date Description of Units Unit Price Total Cost 02 29 20 Beginning Inventory 50 $1 $50 03 08 20 Purchase 1 50 $2 $100 03 15 20 Sale 90 03 22 20 Purchase 2 50 $3 $150 03 27 20 Purchase 3 50 $4 $200 03 31 20 Ending Inventory 110 Pepper Date Description of Units Unit Price Total Cost 02 29 20 Beginning Inventory 50 $1 $50 03 08 20 Purchase 1 50 $2 $100 03 22 20 Purchase 2 50 $3 $150 03 27 20 Purchase 3 50 $4 $200 03 31 20 Ending Inventory 110 RequiredCalculate each of the following under the assumption indicated 1 Salts ending inventory at 03 31 20 assuming it uses FIFO 2 Salts October cost of goods sold assuming it uses FIFO 3 Salts October gross profit assuming it uses FIFO 4 Salts ending inventory at 03 31 20 assuming it uses LIFO 5 Salts October cost of goods sold assuming it uses LIFO 6 Salts October gross profit assuming it uses LIFO 7 Peppers ending inventory at 03 31 20 assuming it uses FIFO 8 Peppers October cost of goods sold assuming it uses FIFO 9 Peppers October gross profit assuming it uses FIFO 10 Peppers ending inventory at 03 31 20 assuming it uses LIFO 11 Peppers October cost of goods sold assuming it uses LIFO 12 Peppers October gross profit assuming it uses LIFO

Question

Salt Co  and Pepper Co  are in the same business and sell the same merchandise but have different inventory systems  Salts is perpetual and Peppers is periodic  Both companies sell their products at a price of $10 each, and their inventory activity for March of 2020 is presented below  Salt Date Description   of Units Unit Price Total Cost 02 29 20 Beginning Inventory 50 $1 $50 03 08 20 Purchase 1 50 $2 $100 03 15 20 Sale 90 03 22 20 Purchase 2 50 $3 $150 03 27 20 Purchase 3 50 $4 $200 03 31 20 Ending Inventory 110 Pepper Date Description   of Units Unit Price Total Cost 02 29 20 Beginning Inventory 50 $1 $50 03 08 20 Purchase 1 50 $2 $100 03 22 20 Purchase 2 50 $3 $150 03 27 20 Purchase 3 50 $4 $200 03 31 20 Ending Inventory 110 RequiredCalculate each of the following under the assumption indicated  1  Salts ending inventory at 03 31 20 assuming it uses FIFO  2  Salts October cost of goods sold assuming it uses FIFO  3  Salts October gross profit assuming it uses FIFO  4  Salts ending inventory at 03 31 20 assuming it uses LIFO  5  Salts October cost of goods sold assuming it uses LIFO  6  Salts October gross profit assuming it uses LIFO  7  Peppers ending inventory at 03 31 20 assuming it uses FIFO  8  Peppers October cost of goods sold assuming it uses FIFO  9  Peppers October gross profit assuming it uses FIFO  10  Peppers ending inventory at 03 31 20 assuming it uses LIFO  11  Peppers October cost of goods sold assuming it uses LIFO  12  Peppers October gross profit assuming it uses LIFO

Accepted Answer

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Date	Description	# of Units	Unit Price	Total Cost
02/29/20	Beginning Inventory	50	$1	$50
03/08/20	Purchase 1	50	$2	$100
03/15/20	Sale	90
03/22/20	Purchase 2	50	$3	$150
03/27/20	Purchase 3	50	$4	$200
03/31/20	Ending Inventory	110

Date	Description	# of Units	Unit Price	Total Cost
02/29/20	Beginning Inventory	50	$1	$50
03/08/20	Purchase 1	50	$2	$100
03/22/20	Purchase 2	50	$3	$150
03/27/20	Purchase 3	50	$4	$200
03/31/20	Ending Inventory	110

Salt Co. and Pepper Co. are in the same business and sell the same merchandise but have different inventory systems: Salts is perpetual and Peppers

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