This is a LIFO question.

Here goes the Transactions made down below:

Below this one is my work done for it by using LIFO:

For this one I kind of just want someone to look over the work I've done here. I'm supposed to get Gross Profit and I'm not sure if I did the work right.

Here to get Gross Profit I subtracted Total revenue (or sales) - COGS which gave me 12,050. So: 15,600-3,500. (As shown on my work done in excel). I asked a friend to compare her results with mine and she got something different. By the way: the way I got Total Revenue (or sales) is by adding all numbers below QTY on the "Cost of Goods Sold" section and then multiplying by 20 which is my selling price per unit.

So: 50+100+100+50+20+40+70+100+120+30+100*20=15600

I just want someone to look over my work done and correct me if needed by giving a step-by-step process. If you need any more information to help me out please let me know.

Thank you so much already.

DATE TRANSACTION TYPE UNITS COST PER UNIT $1.00 300 50 500 100 200 $2.00 $3.00 50 01/01 01/02 01/03 01/05 01/08 01/10 01/12 01/15 01/18 01/21 01/24 01/26 01/28 01/31 Beginning Inventory Sell Purchase Purchase Sell Sell Purchase Sell Purchase Purchase Sell Purchase Purchase Sell $4.00 $5.00 $6.00 20 60 100 100 70 120 100 350 $7.00 $8.00 J K L M N 0 B B D RECIEPTS Transaction Type Units Cost Per Unit 1-Jan Beg Inventory 300 $ 1.00 2-Jan Sell 1.00 1.00 1.00 2.00 500 $ 3-Jan Purchase 5-Jan Purchasae 8-Jan Sell 2.00 3.00 100 $ 3.00 E F G H COST FOR GOODS SOLD INVENTORY Amount QTY PRICE AMOUNT QTY PRICE 300.00 300 $ 50 $ 1.00 50.00 250 S 250 $ 1,000.00 500 $ 300.00 100 $ 100 $ 3.00 300.00 250 $ 100 $ 2.00 200.00 400 S 50 $ 2.00 100.00 250 S 350 $ 250 $ 350 $ 80.00 20 $ 20 $ 4.00 80.00 250 $ 40 $ 2.00 80.00 310 $ 250 $ 1.00 10-Jan Sell 2.00 1.00 2.00 1.00 2.00 4.00 20 $ 4.00 12-Jan Purchase 15-Jan Sell 1 2 Date 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 AMOUNT 300.00 250.00 250.00 1,000.00 300.00 250.00 800.00 250.00 700.00 250.00 700.00 80.00 250.00 620.00 250.00 620.00 500.00 600.00 250.00 620.00 500.00 180.00 250.00 620.00 500.00 180.00 840.00 800.00 250.00 620.00 18-Jan Purchase 21-Jan Purchase 24-Jan Sell 100 $ 100 $ 5.00 6.00 500.00 600.00 70 S 6.00 420.00 1.00 2.00 1.00 2.00 5.00 6.00 1.00 2.00 5.00 6.00 1.00 2.00 5.00 6.00 7.00 8.00 1.00 2.00 310 S 100 $ 100 $ 250 $ 310 $ 100 $ 30 S 250 $ 310 S 100 $ 30 S 120 $ 100 $ 250 $ 310 S 26-Jan Purchase 28-Jan Purchase 31-Jan Sell 120 $ 100 $ 7.00 8.00 840.00 800.00 100 $ 120 $ 30 $ 100 $ 8.00 7.00 6.00 5.00 800.00 840.00 180.00 500.00 3,550.00 EI: 870.00 36 37 COGS: : Sales (total units sold * 20$ or price per unit 38 LIFO 15600 GROSS PROFIT 12,050.00 39 40 41 42 FIFO LIFO