Math problem  Perpetual inventory figure out  gross profit ending inventory cost of goods sold in fifo lifo and average ?

Purchase July 3rd: 1 in unit for price of 35, 10th: 1 unit for price of 36, 24th: 1 unit for price of 37 total 108 average price 36 one unit sold 28th for price of 45

How do I figure it out 

2 Answers

Relevance
  • 1 month ago

    FIFO

    Cost of first item into inventory = 35 x 1 = 35

    LIFO

    Cost of last item into inventory  = 37 x 1 = 37

    Average

    Average cost = 36 x 1 = 36

    Gross  profit = Revenue - Cost

    FIFO gross profit = 45-35= 10

    LIFO gross profit = 45-37 = 8

    Average gross profit = 45-36 = 9

  • Don G
    Lv 7
    1 month ago

    COGS: FIFO 35, GP 10; LIFO 37, GP 8; AVG 36, GP 9

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