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Compute the amount of ending inventory dugan

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Problem - Dugan Sales had the following transactions for jackets in 2014, its first year of operations:

Jan. 20 Purchased 86 units @ $18 = $1,548

Apr. 21 Purchased 442 units @ $20 = 8,840

July 25 Purchased 197 units @ $23 = 4,531

Sept. 19 Purchased 118 units @30 = 3,540

During the year, Dugan Sales sold 792 jackets $58 each.

Required -

a. Compute the amount of ending inventory Dugan would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average.

b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

Reference no: EM131569686

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