Ron_W3DQ2 - E6-20 FIFO $1,650 900 1,020 $750 $630 964 $686...

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Unformatted text preview: E6-20 FIFO $1,650 900 1,020 $750 $630 964 $686 LIFO $1,650 AVG. $1,650 FIFO (15 x $60 = $900) LIFO (8 x $75 = $600) (7 x $60 = $420) ($600 + $420 = $1,020) Average ($1,200 + $600 = $1,800 / 28 = $64.29 x 15 = $964.35 Beginning inventory Purchase Sale 20 tires @ $60 8 tires @ $75 15 tires @ $110 Sales revenue (15 x $110) Cost of goods sold: FIFO LIFO Average Gross profit E6-26 Beginning inventory Net purchases Cost of goods available Estimated cost of goods sold: Sales revenue Less: Estimated gross profit of 40% Estimated cost of goods sold Estimated cost of inventory destroyed $150,000 800,000 950,000 $1,000,000 -400,000 -600,000 $350,000 $150,000 800,000 950,000 -600,000 $350,000 ...
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Ron_W3DQ2 - E6-20 FIFO $1,650 900 1,020 $750 $630 964 $686...

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