Ron_W3DQ2

# 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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