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Using the following information, calculate gross profit and ending inventory using (a) FIFO, (b) LIFO,...

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Question

Accounting

Using the following information, calculate gross profit and ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average cost methods. The company sold two units for $50 each on August 27.

Date

Units

Cost/Unit

Total Cost

Aug. 10

Purchase

2

$11

$22

12

Purchase

2

$15

30

14

Purchase

2

$22

44

Total

6

$96

use excel

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