Answered

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Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Sagot :

Answer:

FIFO $19,700

LIFO $18,160

Average Cost $19,061

Specific Identification $18,490

Explanation:

Sales Revenue is $52,246.

Cost of goods sold is different for all four methods:

FIFO $32,546

LIFO $34,086

Avg Cost $33,185

Special Identification $33,756

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