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  3. given: fifo gross profit: 26,075 lifo gross profit

given: FIFO gross profit: 26,075 LIFO gross profit: 23,120 Avg Cost gross profit: 24,447 ...

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Accounting

given: FIFO gross profit: 26,075 LIFO gross profit: 23,120 Avg Cost gross profit: 24,447 image
Instructions: Work through the problem below and attach your supporting calculations (separate sheet of paper). Stanley Co. Is a pottery retailer that uses the periodic inventory system. Its fiscal year end is December 31. it began the third quarter with 150 planters at a unit cost of $30/ unit. During the third quarter it made the following purchases: - July: 400 planters @$32/ unit - August: 500 planters @ $35/ unit - September: 300 planters @ $40/ unit During the third quarter, Stanley Co. sold 965 planters for $60 each. 1. Complete the following partial financlal statements using the FIFO, LIFO, and Average Cost methods. You may round your final answers under Weighted Average Cost to the nearest $1. (Show your work on a separate page)

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