Required information [The following information applies to the questions displayed below.]
Glasgow Corporation has the following inventory transactions during the year.
Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 47 $ 39 $ 1,833 Apr. 7 Purchase 127 41 5,207 Jul. 16 Purchase 197 44 8,668 Oct. 6 Purchase 107 45 4,815 478 $ 20,523 For the entire year, the company sells 426 units of inventory for $57 each.
Required:
1. Using FIFO, calculate ending Inventory, cost of goods sold, sales revenue, and gross profit. t1014 FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Is # of units #of units Cost per unit Cost of Goods Available for Sale $ 0 Cost of Goods Sold unit # of units Cost Ending per unit Inventory 03:30:30 $ 0 $ 0 0 0 Book Beginning Inventory Purchases: Apr. 7 Jul.16 Oct 6 Total $ $ $ 0 Hint Oo oo 0 0 Print $ ferences Sales revenue Gross profit
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. of 4 LIFO Ending Inventory Cost of Gotskor Sale Cost of # of units Goods unit Available for Sale Cost of Goods Sold Cost of # of units Goods unit Sold Cost per Cost per # of units Cost Ending per unit Inventory :28:56 0 Beginning Inventory Purchases: Apr 07 Jul 16 DOK 0 + 0 int Oct 06 0 int Total 0 $ 0 ences Sales revenue Gross profit Part 3 of 4 Cost of Good Hall or Sale Cost of Goods Sok Weighted Average Cost Ending inventory Weighted Average Cost Weighted Average Cost Cost per # of units Cost of Goods Available for Salo of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory unit 10 points 47 $ 1,833 Beginning Inventory Purchases 02 20:43 Apr 07 127 Jul 16 Oct 06 Total 197 107 478 6.207 8,068 4,815 20523 $ Pent Sales revenue Gross profit