Reference no: EM132683753
Assume that Toyland store bought and sold a line of dolls during December as follows:
Dec. 1 Beginning merchandise inventory 11 units @ $8 each
Dec 8 Sale 6 units @ $21 each
Dec 14 Purchase 17 units @ $15 each
Dec 21 Sale 15 units @ 21 each
Requirements:
Question 1: Compare the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.
Question 2: Compare the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.
Question 3: Which method results in a higher cost of goods sold?
Question 4: Which method results in a higher cost of ending merchandise inventory?
Question 5: Which method results in a higher gross profit?
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