Blue Bird Corporation has the following inventory itemsand costs for the month.
1 unit purchased Jan 15 at a cost of $50.
1 unit purchased Jan 20 at a cost of $54.
1 unit purchased Jan 24 at a cost of $56
On January 26, the company sold 2 units for $70 each. The companyuses the LIFO (Last In First Out) inventory method.
a. What is the Cost of Goods Sold for the month? $
b. What is Gross Margin for the month? $
c. What is ending inventory for the month? $
2. Framer Inc. has the following inventory items andcosts for the month.
1 unit purchased Jan 15 at a cost of $60.
1 unit purchased Jan 20 at a cost of $45.
1 unit purchased Jan 24 at a cost of $54
On January 26, the company sold 2 units for $70 each. The companyuses the Weighted Average inventory method.
a. What is the Cost of Goods Sold for the month? $
b. What is Gross Margin for the month? $
c. What is ending inventory for the month? $
