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Determine the value of ending inventory and gross profit

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Question

Brake Company utilizes the perpetual inventory method. Inventory information for Part # AB124 revealed the following for the month of May:

 

May 1

Balance     245 units @ $8

May 10

Sold 210 @ $23.50

May 11

Purchased  800 units @ $9.50

May 16

Sold 300 @ $23

May 20

Purchased  770 units @ $11

May 26

Sold 350 @ $24.50

Required: Determine the value of ending inventory and gross profit under each of the following methods:

 

(a)    LIFO                                                                                                                              

(b)   FIFO                                                                                                                               

(c)    Average Cost

 

Reference no: EM13488948

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