Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 22,000 units 27 Date Number of Units Unit Cost Total Cost Beginning 5,100 10.30 $52,530 March 12 6,300 10.20 64,260 June 5 5,000 10.10 50,500 October 22 Totals 10,700 9.90 105,930 27,100 $273,220 Required: 1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profit
Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 22,000 units 27 Date Number of Units Unit Cost Total Cost Beginning 5,100 10.30 $52,530 March 12 6,300 10.20 64,260 June 5 5,000 10.10 50,500 October 22 Totals 10,700 9.90 105,930 27,100 $273,220 Required: 1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profit
Chapter3: Setting Up A New Company
Section: Chapter Questions
Problem 1.3C
Related questions
Question
![Revise your worksheet to reflect these updated assumptions and then answer the questions that follow.
Sales
Sale Price
22,000 units
27
Date
Number of Units
Unit Cost
Total Cost
Beginning
5,100
10.30
$52,530
March 12
6,300
10.20
64,260
June 5
5,000
10.10
50,500
October 22
Totals
10,700
9.90
105,930
27,100
$273,220
Required:
1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter
your results below: (Round your answers to the nearest whole dollar amount.)
FIFO
LIFO
Weighted
Average
Cost of Goods Sold
Ending Inventory
Gross Profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa67304b1-3709-41d7-a763-4eb6f13a6e63%2F73b00286-0370-41ae-b3bb-13ec44e6966e%2F0niukt_processed.png&w=3840&q=75)
Transcribed Image Text:Revise your worksheet to reflect these updated assumptions and then answer the questions that follow.
Sales
Sale Price
22,000 units
27
Date
Number of Units
Unit Cost
Total Cost
Beginning
5,100
10.30
$52,530
March 12
6,300
10.20
64,260
June 5
5,000
10.10
50,500
October 22
Totals
10,700
9.90
105,930
27,100
$273,220
Required:
1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter
your results below: (Round your answers to the nearest whole dollar amount.)
FIFO
LIFO
Weighted
Average
Cost of Goods Sold
Ending Inventory
Gross Profit
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