- More Info Dec 1 Beginning Merchandise Inventory Dec 8 Sale 11 Units 9 Each 6 Units 23 Each 16 Units 14 Each D 1 (20.14 KiB) Viewed 18 times
- More Info Dec 1 Beginning Merchandise Inventory Dec 8 Sale 11 Units 9 Each 6 Units 23 Each 16 Units 14 Each D 2 (41.27 KiB) Viewed 18 times
- More Info Dec 1 Beginning Merchandise Inventory Dec 8 Sale 11 Units 9 Each 6 Units 23 Each 16 Units 14 Each D 3 (32.86 KiB) Viewed 18 times
1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?
Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Cost Quantity 11 Dec. 1 9 99 Dec. 8 9 77 11 Dec. 14 16 14 Dec. 21 Totals