# Lifo sales revenue 26691 less cost of goods sold

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Compute the gross margin for LIFO method.\$\$Learning Objective: 05-P1 Compute inventory in a perpetual system using themethods of specific identification, FIFO, LIFO, and weighted average.Compute the gross margin for FIFO method.
15,175Worksheet
FIFO:Sales revenue26,691Less: Cost of goods sold10,866Gross margin15,825
Compute the gross margin for LIFO method.\$\$LIFO:Sales revenue26,691Less : Cost of goods sold11,516Gross margin15,175Explanation:FIFO Gross marginSales revenue (615 units sold ×\$43.40 selling price) = \$26,691LIFO Gross marginSales revenue (615 units sold ×\$43.40 selling price) = \$26,691
Score:7out of 7 points (100%)6.award:0.70 out of0.70 pointsYou received credit for this question in a previous attempt[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases andsales transactions for March.DateActivitiesUnits Acquired at CostUnits Sold at RetailMar.1 Beginning inventory100 units @ \$51.00/unitMar.5 Purchase225 units @ \$56.00/unitMar.9 Sales260 units@ \$86.00/unitMar. 18 Purchase85 units @ \$61.00/unitMar. 25 Purchase150 units @ \$63.00/unitMar. 29 Sales130 units@ \$96.00/unitTotals560 units 390 unitsrev: 03_20_2013_QC_27089, 04_17_2013_QC_29162, 11_25_2013_QC_41127Required:1.Compute cost of goods available for sale and the number of units available for sale.
Expanded tableLearning Objective: 05-P1 Compute inventory in a perpetualsystem using the methods of specific identification, FIFO,LIFO, and weighted average.Required:1.Compute cost of goods available for sale and the number of units available for sale.
7.award:0.70 out of0.70 pointsYou received credit for this question in a previous attempt8.award:0.70 out of0.70 pointsYou received credit for this question in a previous attempt2.Compute the number of units in ending inventory.Ending inventory170unitsWorksheetLearning Objective: 05-P1 Compute inventory in a perpetualsystem using the methods of specific identification, FIFO,LIFO, and weighted average.