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Write down solutions of ending inventory

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A firm has the following transactions with its product R.

1 January 20X1 Opening inventory: nil

1 February 20X1 Buys 100 units at $300 per unit

11 February 20X1 Buys 120 units at $250 per unit

1 April 20X1 Sells 80 units at $400 per unit

1 August 20X1 Buys 60 units at $200 per unit

1 December 20X1 Sells 120 units at $400 per unit

Question 1: Calculate and write down solutions (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, under each of the following methods:

a) FIFO

b) LIFO

c) Average-cost

d) Weighted average cost

Reference no: EM132566306

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