loys in sells many products. Remote controls are one of its popular items. Below is...
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loys in sells many products. Remote controls are one of its popular items. Below is an analysis of the inventory purchases and sales of Remote controls for the month of March. Toys Inc. uses the periodic inventory system. Date Description Unit Cost ($) Units Purchases Purchases Unit Sales Unit Selling Price ($) / Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 3/4 Sales 60 $80 2/10 Purchase 200 $55 16 Sales 176 $90 3/10 Purchase 200 $55 (3/16 Sales 70 $90 13/19 Sales 90 $90 3/25 Sales 60 $90 3/30 Purchase 40 $60 Instructions: For each method, FIFO, LIFO, and Average cost, calculate 1) ending inventory 2) costs of goods sold 3) Gross Profit Label each section and show calculations. You should have a section for FIFO, a section for LIFO, and a section for Average Cost
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