For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average 4852 $ 4590 SA $ 2748 $ 3090 Cost of goods sold 4852 $ Ending inventory $ 2828 Gross profit $ 2746 GA $ 2746 $ 3008
For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average 4852 $ 4590 SA $ 2748 $ 3090 Cost of goods sold 4852 $ Ending inventory $ 2828 Gross profit $ 2746 GA $ 2746 $ 3008
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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