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Sort Monthly Purchases By: First in Last in Sort Monthly Purchases By: First In Last In Actual Units Sold and On Hand Daily and Cumulative Sales Revenue Using the FIFO assumption, calculate cost of goods sold and the cost of ending inventory. (Hint: This calculation is made easier by using the Running Sum columns in Monthly Purchases) Note: Round your answers to the nearest whole dollar. Required: Complete this question by entering your answers in the tabs below. What amount would be reported for sales revenue and gross profit for the year under FIFO? Note: Round your answers to the nearest whole dollar. Using the LIFO assumption, calculate cost of goods sold and the cost of ending inventory. (Hint: this calculation is made easier by re-sorting monthly purchases and using the Running Sum columns) Note: Round your answers to the nearest whole dollar. Using the weighted-average cost assumption, calculate cost of goods sold and the cost of ending inventory. Note: Round your answers to the nearest whole dollar. Sort Monthly Purchases By: First in Last in Sort Monthly Purchases By: First In Last In Actual Units Sold and On Hand Daily and Cumulative Sales Revenue Using the FIFO assumption, calculate cost of goods sold and the cost of ending inventory. (Hint: This calculation is made easier by using the Running Sum columns in Monthly Purchases) Note: Round your answers to the nearest whole dollar. Required: Complete this question by entering your answers in the tabs below. What amount would be reported for sales revenue and gross profit for the year under FIFO? Note: Round your answers to the nearest whole dollar. Using the LIFO assumption, calculate cost of goods sold and the cost of ending inventory. (Hint: this calculation is made easier by re-sorting monthly purchases and using the Running Sum columns) Note: Round your answers to the nearest whole dollar. Using the weighted-average cost assumption, calculate cost of goods sold and the cost of ending inventory. Note: Round your answers to the nearest whole dollar

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