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Your company had the following chronological inventory transactions during 2020: Beginning Inventory 30 units cost = $20.00 per unit Purchased 140 units cost = $21.00
Your company had the following chronological inventory transactions during 2020:
Beginning Inventory 30 units cost = $20.00 per unit
Purchased 140 units cost = $21.00 per unit
Sold 143 units selling price = $50.00 per unit
Purchased 160 units cost = $22.00 per unit
Sold 158 units selling price = $51.00 per unit
Purchased 20 units cost = $23.00 per unit
Ending Inventory 49 units
In the following questions, please round all costs to two decimals.
- Calculate the cost of Ending Inventory assuming your company was using perpetual LIFO. (please show your work)
- Calculate the cost of Ending Inventory assuming your company was using perpetual Average. (please show your work)
- Calculate Gross Profit assuming your company was using perpetual LIFO. (please show your work)
- Calculate Gross Profit assuming your company was using perpetual Average. (please show your work)
- Calculate the Inventory Turnover (and please show your work including your answer to three decimals) assuming:
- Perpetual LIFO
- Perpetual Average
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