6. A company's purchases/sales are as follows: • Beginning inventory 1st purchase • 2nd purchase 3rd purchase ● ● Units 60 units 80 units 70 units 90 units Price Per Unit $130 $150 $200 $250 • Sales throughout the year 205 units • Operating expenses other than COGS are $13,000 $300 selling price a. What is ending inventory using the weighted average method ( b. What is ending inventory under the LIFO method? Also, prepare an income statement using the LIFO method (ignore taxes), including subtotals for both gross margin and operating income.
6. A company's purchases/sales are as follows: • Beginning inventory 1st purchase • 2nd purchase 3rd purchase ● ● Units 60 units 80 units 70 units 90 units Price Per Unit $130 $150 $200 $250 • Sales throughout the year 205 units • Operating expenses other than COGS are $13,000 $300 selling price a. What is ending inventory using the weighted average method ( b. What is ending inventory under the LIFO method? Also, prepare an income statement using the LIFO method (ignore taxes), including subtotals for both gross margin and operating income.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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