Accounting homework periodic inventory FIFO/ LIFO need help please!!!?
Accounting homework periodic inventory FIFO/ LIFO need help please!!!?
I am stuck on this problem with my Homework not really sure how to compute any of the following without a beginning inventory amt or the recording of a sale through the month. If anyone can explain to me how figure this out that would be great because i have been trying to figure it out for over 3 hours now!!!!!
The New Era cap company Sells Hats Using a Periodic Inventory Costing System.
1. On March 1, The NEC Bought 400 Hats at $10 each.
2. On March 10, The NEC Bought 600 Hats at $12 each.
3. On March 15, The NEC Bought 400 Hats at $15 each
4. On March 20, The NEC Bought 600 Hats at $16 each.
5. On March 31, The NEC Counted 500 Hats remaining in Inventory
6. Assume that Each Hat that was Sold, was Sold for $40 Each
31) Compute the Cost of Goods sold using FIFO =
32) Compute the Cost of Goods Sold using LIFO =
33) Compute the Cost of Goods Sold using Weighted Average =
34) Compute the Ending Inventory Dollar Value using FIFO =
35) Compute the Ending Inventory Dollar Value using LIFO =
36) Compute the Ending Inventory Dollar Value using Weighted Average =
37) Compute the Gross Profit Amount using FIFO =
38) Compute the Gross Profit Amount using LIFO =
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