Strand Corp has the following information: Beginning inventory - 1000 units @ $200/unit Purchased - 3000 units @ $250/unit Purchased - 1500 units @ $325/unit Sold - 4400 units for $500/unit

REQUIRED for: FIFO, LIFO, and Weighted Average

1. Calculate the value of Ending Inventory 2. Calculate and show the schedule for Cost of Goods Sold 3. Calculate and show the schedule for Gross Profit 4. Calculate and show the Gross Profit Percentage 5. What inventory valuation method would you suggest using and why? 6. Identify some ways a company can improve their gross profits

(in Excel)