Broadway Inc. had the following goods available for sale in the last accounting period: Date...
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Accounting
Broadway Inc. had the following goods available for sale in the last accounting period:
Date :1-Jan Opening Inventory 10-JanPurchase , 18-JanPurchase,purchase: unit :300,500,400 ,1200 unite cost $ 12, 14,16 total $ 3600, 7000, 6400, 17000
Sales for the period were 900 units at $22 per unit and the remaining inventory was 300 units. Instructions Calculate the ending inventory cost and the cost of goods sold under:
1. FIFO Method
2. Weighted Average Method
3. Calculate gross profit under FIFO & Average Method.
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