BLIFONSTRUCTIONS: Calculate ending inventory, cost of goods sold and gross profit using:AFIFOBLIFOBAVERAGE COST1-Apr Beginning Inventory3-Apr Purchases5-Apr Sales10-Apr Purchases20-Apr Sales25-Apr Purchases28-Apr SalesTOTALSLAST-IN FIRST-OUTEnding inventory in unitsPurchasesUnitsTotalUnit Cost Purchases1 $3 $5 $2 $11(8)33456312251252SalesUnitsSellingprice per unit3 $2 $3 $8101010Totalsales30203080

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Description: BLIFONSTRUCTIONS: Calculate ending inventory, cost of goods sold and gross profit using:AFIFOBLIFOBAVERAGE COST1-Apr Beginning Inventory3-Apr Purchases5-Apr Sales10-Apr Purchases20-Apr Sales25-Apr Purchases28-Apr SalesTOTALSLAST-IN FIRST-OUTEnding i

1. First in First Out (FIFO): FIFO is one of the method of inventory valuation under which inventory…

Answered: Calculate ending inventory, cost of…

Business

Accounting

Calculate ending inventory, cost of goods sold and gross profit using: A FIFO B LIFO B AVERAGE COST

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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