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Jenkins Incorporated currently sells its product for $40 per unit. Cost information related to the...

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Accounting

Jenkins Incorporated currently sells its product for $40 per unit. Cost information related to the beginning inventory level and current period purchases were as follows:
Units
Unit Cost
Beginning Inventory
4,000
$21
Purchase #1
3,000
$23
Purchase #2
5,000
$25
At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold, ending inventory, and gross profit using 1) FIFO; 2) LIFO; and 3) weighted average.

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