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Shown below is the activity for one of the products of Lawrence Creations: January 1 balance, 80 units @ $50 Purchases: January 19: 40 units
Shown below is the activity for one of the products of Lawrence Creations:
January 1 balance, 80 units @ $50
Purchases:
January 19: 40 units @ $51
January 22: 30 units @ $52
January 29: 40 units @ $54
Sales:
January 13: 30 units @ $80
January 23: 50 units @ $80
January 31: 45 units @ $82
Required: Lawrence Creations uses a Period Inventory System. Compute ending inventory as of January 31 and sales, cost of goods sold and gross profit for the month of January for each of the following inventory cost flow assumptions:
a. FIFO b. Weighted Average c. LIFO
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