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The following are inventory data for Stop By and Shop Inc. #Units $/Unit Total Beginning Inventory 20 $40 $800 Purchases of Inventory 16 $42 S672
The following are inventory data for Stop By and Shop Inc. #Units $/Unit Total Beginning Inventory 20 $40 $800 Purchases of Inventory 16 $42 S672 Purchases of Inventory 20 $50 $1,000 Goods Available for Sale 56 $2,472 Sale of Inventory 30 $60 $1,800 Ending Inventory 26 30. Cost of Goods Sold under FIFO would be: a. $1,420 b. $1,220 c. $1,252 d. $380 31. Ending Inventory under FIFO would be: IF a. $1,420 b. $1,220 c. $1,252 d. $380 32. Cost of Goods Sold under LIFO would be: a. $1,420 b. $1,220 c. $1,252 d. $380 33. Ending Inventory under LIFO would be: a. $1,052 b. $1,220 c. $1,252 d. 8380 34. The gross margin would be: a. $580 under LIFO b. $380 under FIFO c. $1,800 under LIFO and FIFO d. $380 under LIFO
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