Question
The Warnerwoods Company uses the perpetual inventory system. During March the following sales and purchases of inventories were made: # of Units Cost Per Unit
| The Warnerwoods Company uses the perpetual inventory system. During March the following sales and purchases of inventories were made: | ||||||||||
| # of Units | Cost Per Unit | |||||||||
| January1 Inventory | 200 | $8.20 | ||||||||
| January 8th sale | 160 | |||||||||
| January 11th purchase | 240 | $8.30 | ||||||||
| January 20th sale | 250 | |||||||||
| january 25th purchase | 170 | $8.35 | ||||||||
| January 31st sale | 140 | |||||||||
| All sales are made at $16 per unit. Calculate Ending Inventory and Gross Profit on sales, assuming the firm uses (a) the FIFO method, and (b) the LIFO method. |
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Life Audit Journal What Is My Why
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