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A grocery store buys Italian gelato from different suppliers and sells the desserts to its...

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Accounting

A grocery store buys Italian gelato from different suppliers and sells the desserts to its customers for $5 per pint. In September, the following purchases and sales occurred. You are to find the COGS, ending inventory and Gross Margin using FIFO and LIFO.

  • September 2, purchase 30 pints at $2.50 each
  • September 6, purchase 20 pints at $3 each
  • September 20, purchase 25 pints at $4 each
  • September 5-8, sell 10 pints to customers
  • September 9-19, sell 20 pints
  • September 21- 30, sell 35 pints

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