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The Shamrock Corporation had the following inventory transactions for its only product during 2018: Purchases February 15 2,000 units @ $27.00 each April 20 3,000
- The Shamrock Corporation had the following inventory transactions for its only product during 2018:
Purchases
February 15 2,000 units @ $27.00 each
April 20 3,000 units @ $28.40 each
October 25 1,200 units @ $31.25 each
Sales
March 1 1,200 units @ $50.00 each
June 12 2,000 units @ $52.00 each
August 10 1,000 units @ $53.00 each
December 14 1,600 units @ $55.00 each
The company had 1,000 units in its January 1, 2018 beginning inventory with a unit cost of $24 each.
- Calculate the companys December 31, 2018 cost of goods sold and ending inventory using each of the three inventory costing methods (FiFO, LIFO, Weighted Average).
- Calculate the companys gross profit for 2018 using each of the three inventory costing methods (FiFO, LIFO, Weighted Average).
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