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Asked Mar 12, 2020
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A company's inventory records report the following transactions for the month of January 2015:
Total Cost
Units
Unit Cost
Beginning Inventory (Jan 1)
January 10 - Purchase
January 15 - Sales
January 20 - Purchase
January 25 - Sales
$30,000
$200
$320
200 units @ $400 per unit
$208
65 units @ $380 per unit
150
100
$32,000
75
$15,600
Determine the Gross Profit for January 2015 under Last-in-First Out (LIFO) method of inventory.
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A company's inventory records report the following transactions for the month of January 2015: Total Cost Units Unit Cost Beginning Inventory (Jan 1) January 10 - Purchase January 15 - Sales January 20 - Purchase January 25 - Sales $30,000 $200 $320 200 units @ $400 per unit $208 65 units @ $380 per unit 150 100 $32,000 75 $15,600 Determine the Gross Profit for January 2015 under Last-in-First Out (LIFO) method of inventory.

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Expert Answer

Compute the total sales.

Accounting homework question answer, step 1, image 1

Compute the cost of goods sold.

Accounting homework question answer, step 2, image 1

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