. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form ilu inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Date Nov. 1

Jay

Please help me with required 1 and 2.

eBook Question Content Area Challenge Problem Bhushan Company has been using LIFO for inventory purposes because it would prefer to keep gross profits low for tax purposes. In its second year of operation (20-2), the controller pointed out that this strategy did not appear to work and suggested that FIFO cost of goods sold would have been higher than LIFO cost of goods sold for 20-2. Is this possible? 20 - 1 Units Cost/Unit Purchase 1 100 $1.00 Purchase 2 200 2.00 Purchase 3 300 3.00 Ending inventory 200 20-2 Units Cost/Unit Beginning inventory 200 Purchase 4 150 $4.00 Purchase 5 250 5.00 Purchase 6 350 6.00 Ending inventory 50 Required: Question Content Area Using the information provided, complete the various charts below and compute the cost of goods sold for 20 - 1 and 20-2 comparing the LIFO and FIFO methods. If units are in inventory at two different costs, enter the OLDEST units first.Check My Work determine units sold and the cost of goods sold under each method.

Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.

Please do not give solution in image format thanku

please solve with the FIFO method ( question 2)

Really not undertsanding LIFO, thank you ahead of time

Goods available for sale can: Multiple Choice 4- be sold and then become Cost of Goods Sold on the income statement. not be sold and thus are not reported as Cost of Goods Sold on the balance sheet. not be sold and thus are reported as Inventory on the income statement. be sold and thus reported as Cost of Goods Sold on the balance sheet.

Using the LIFO​ method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.