# estions 1 bartlebyCengageNOWv21Onlin X+v>https://v2.cengagenow.com/ilm/takeAssignment/takeAssignment Main.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take&inprogres* 2.Chapter 7 HomeworkeBookCalculatorPrint ItemAlternative Inventory Methods1. PR.07.02Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows:2. PR.07.01.ALGOProductionSales3. EX.07.15TotalUnits in EndingSalesUnitsUnitsCostsRevenueInventory4. EX.07.13.ALGO2018\$200,000100,000\$400,00080,00020,0002019120,000234,000 110,0005. EX.07.11550,00030,0002020247,000 150,000130,00010,000750,0006. PR.07.072021130,000240,500 120,00020,000600,000Required:1. Determine the gross profit for each year under each of the following periodic inventory methods:2018201920202021a. FIFO (Round unit costs to 2decimal places, if required.)b. LIFO (Round unit costs to 2decimal places, if required.)c. Weighted Average (Round unitcosts to 3 decimal places andyour final answers to thePreviousNextCheck My Work8 more Check My Work uses remaining.Progress: 3/6 items2:58 PMBA 4))O Type here to search2910/27/2019hp64

Question
Asked Oct 27, 2019
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Habicht company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows:

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Step 1

a. Compute gross profit under FIFO method for four years as shown below:

Step 2

b. Compute gross profit under LIFO method for four years as shown below:

Step 3

c. Compute gross profit under weighted method for...

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