Steel Mill began August with units of iron inventory that cost $ each. During August, the company completed the following inventory transactions: Click the icon to view the transactions
Read the requirements.
Requirement Determine the company's cost of goods sold for August using FIFO, LIFO, and weightedaverage inventory costing methods.
The cost of goods sold amount for August using FIFO inventory costing is The cost of goods sold amount for August using LIFO inventory costing is The cost of goods sold amount for August using weightedaverage inventory costing is
table$$$
Requirement Compute gross profit for August using FIFO, LIFO, and weightedaverage inventory costing methods.
tableSales Revenue Cost of Goods Sold Gross profit,FIFO$
