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Represents the time period

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In the table below, Quarter 1 represents the time period from Jan 1, 2016 to March 31st 2016 and Quarter 2 represents the time period from April 1st 2016 to June 30 2016. It began its operations on Jan 1, 2016 with no inventory. Purchases and Sales for the first 2 quarters are shown below:

Quarter 1: Sales 26,000 cartons @ $37 a carton

5,000 cartons @ $12 in Jan

Purchases 10,000 cartons @ $16 in Feb

15,000 cartons @ $18 in March

Quarter 2: Sales 63,000 cartons @ $45 a carton

Purchases 16,000 cartons @ 20 in April

18,000 cartons @ 24 in May

26,000 cartons @ 30 in June

Calculate the Quarter 2 ending inventories ( in dollars) using the LIFO inventory method

Calculate Quarter 2 Gross Profit using LIFO method

Calculate Quarter 2 ending inventories ( in dollars) using the FIFO method

Calculate the Quarter 2 Gross Profit using the FIFO method

Reference no: EM131647675

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