The following pertain to the cost of Hs only inventory item:

• Inventory on hand, January 1 10 units @ $ 9 per unit
• Purchases, January 2 150 units @ $14 per unit
• Purchases, January 12 195 units @ $15 per unit
• Purchases, January 16 75 units @ $15 per unit
• Purchases, January 20 50 units @ $16 per unit
• Purchases, January 26 205 units @ $19 per unit

685

Sales during January totaled 615 units. Each unit sold for $40.

Calculate COGS AND GP for January AND EI as of 01-31 under the following assumptions:

• H uses periodic LIFO

EI:

COGS:

Gross profit:

• H uses periodic FIFO

EI:

COGS:

Gross profit:

• H uses a weighted average method and rounds the unit cost to the nearest penny.

EI:

COGS:

Gross profit:

Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS.