Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000 units @$45/each Purchased 4,500 units @ $47/each Sold 6,500
Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000 units @$45/each Purchased 4,500 units @ $47/each Sold 6,500 units for $80/each REQUIRED: for FIFO, LIFO and Weighted Average: 1) Calculate the value of Ending Inventory 2) Show the schedule for Cost of Goods Sold 3) Show the schedule for Gross Profit 4) Calculate Gross Profit % (carry out at least 1 decimal point) 5) What inventory method should Strand use and why?
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Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
11th edition
978-0133251111, 013325111X, 0133251039, 978-0133251036
