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The following information relates to the inventory transactions of Thames Company for 2018. January 1 Beginning inventory, 90 units @ $75/unit March 8 Purchased 160
The following information relates to the inventory transactions of Thames Company for 2018.
January 1 Beginning inventory, 90 units @ $75/unit
March 8 Purchased 160 units @ $80/unit
October 24 Purchased 100 units @ $90/unit
On August 19, the Company sold 225 units at a selling price of $115/unit
A. Number of units remaining in ending inventory.
B. Compute the cost of goods sold and ending inventory under each of the following methods:
LIFO
FIFO
Weighted average cost
C. Determine the gross profit amount for the year under each of the methods.
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