Reference no: EM131208342
Perpetual: Inventory costing methods-FIFO and LIFO
Date, activities, units acquired at cost, units sold at retail
Jan. 1, Beginning inventory, 155 units @ 12.20= 1,891
Jan 10, sales, (units sold at retail 145 units @ 42.20)
March 14, purchase, 305 units @ 17.20=5,246
March 15, sales, (units sold at retail 195 units @ 42.20)
July 30, purchase, 455 units @ 22.20=10,101
Oct 5, sales, (units sold at retail 245 units @ 42.20)
Oct 26, purchases, 655 units @ 27.20=17816
Totalys 1,570 units, 35,054, 585 units sold at retail
1. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO and FIFO
2. compute the gross margin for fifo method
sales revenue
cost of goods sld
gross margin
3. compute the gross margin for lifo method
sales revenue
cost of goods sold
gross margin
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