Reference no: EM132618798
Question - On January 1, 20x8, the Music Store had 400 MP3 players in inventory with a cost of $48 per unit. During 20x8 the company made the following purchases of MP3 players:
Feb 21 1,000 units at $50 each = $50,000
Jun 15 1,000 units at $52 each = $52,000
Oct 15 1,000 units at $58 each = $58,000
The selling price of each MP3 player is $100. The store had an excellent Christmas season with the result that only 70 MP3 players were left in inventory on December 31, 20x8.
Assuming the company uses a periodic inventory system, calculate gross profit for the year ending December 31, 20x8, under each of the following assumptions:
i. FIFO
ii. Weighted Average
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