Problem 2. Gresa Inc. had beginning inventory of 7,000 units in the total amount of $14,000 and ending inventory of 17,0

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Problem 2 Gresa Inc Had Beginning Inventory Of 7 000 Units In The Total Amount Of 14 000 And Ending Inventory Of 17 0 1 (34.55 KiB) Viewed 91 times

Problem 2. Gresa Inc. had beginning inventory of 7,000 units in the total amount of $14,000 and ending inventory of 17,000 units. Purchases of the company were made quarterly as follows Quarter Units Unit Cost Total Cost 1 50,000 2.20 110,000 2 40,000 2.35 94,000 3 40,000 2.50 100,000 4 60,000 2.70 162,000 Instructions: a) Evaluate cost of goods sold and ending inventory using FIFO cost flow method (1 point) b) Evaluate cost of goods sold and ending inventory using LIFO cost flow method (1 point)