Abiy's Apple Pies purchases pies from a supplier, which it thensells to customers. During the year, it had the followinginformation related to its inventory:
Beginning Inventory | 120 units, purchased for $3 each. |
Sale | 90 units, sold for $10 each |
Purchase | 20 units, purchased for $4 each. |
Purchase | 15 units, purchased for $5 each. |
Sale | 25 units, sold for $11 each. |
A. Using the information above, complete the following tablerelated to Abiy's Apple Pies. Assume Abiy's uses the periodicinventory method. Round your final answer to the nearest wholenumber.
| FIFO | LIFO | Average Cost |
Cost of Goods Sold | | | |
Ending Inventory | | | |
B. Using the same information for Abiy's Apple Pies, completethe following table. Assume Abiy uses the perpetual inventorymethod.
| FIFO | LIFO |
Cost of Goods Sold | | |
Ending Inventory | | |
Gross Profit | | |