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[The following information applies to the questions displayed below.] Glasgow Corporation has the following Inventory transactions during the year. Date Transaction Jan. 1 Beginning inventory
[The following information applies to the questions displayed below.] Glasgow Corporation has the following Inventory transactions during the year. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 59 139 209 119 526 Unit Cost $ 51 53 56 57 Total Cost $ 3,009 7,367 11,704 6,783 $28,863 For the entire year, the company sells 445 units of Inventory for $69 each. 2. Using LIFO, calculate ending Inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory $ 0 0 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 0 OO 0 0 $ $ 0 Sales revenue Gross profit
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