Answers
Sales Revenue = 8 * $22.00 + 14 * $22.00
Sales Revenue = $484
Answer to Requirement 1:
Cost of Goods Sold = $243
Cost of Ending Merchandise Inventory = $98
Gross Profit = Sales Revenue - Cost of Goods Sold
Gross Profit = $484 - $243
Gross Profit = $241
Answer to Requirement 2:
Cost of Goods Sold = $268
Cost of Ending Merchandise Inventory = $73
Gross Profit = Sales Revenue - Cost of Goods Sold
Gross Profit = $484 - $268
Gross Profit = $216
Answer to Requirement 3:
LIFO resulted in a higher cost of goods sold.
Answer to Requirement 4:
FIFO resulted in a higher cost of merchandise inventory.
Answer to Requirement 5:
FIFO resulted in a higher gross profit.
Date Goods Purchased # of units Cost per unit Cost of Goods Sold Cost per cost of # of units unit Goods Sold 13 Dec. 01 Dec.
08 Dec. 14 9.00 72 Inventory Balance Cost per Inventory # of units unit Balance 9.00 117 5 9.00 45 9.00 14.00 O 9.00 7 | 14.00 98 98 16 14.00 5 45 224 Dec. 21 9.00 14.00 9 45 126 243 | Total
Date Goods Purchased # of units Cost per unit Cost of Goods Sold # of units Cost per Cost of unit Goods Sold Dec. 01 Dec. 08 Dec.
.
14 8 9.00 72 5 Inventory Balance Inventory Cost per #of units unit Balance 9.00 117 9.00 45 9.00 45 14.00 224 9.00 45 14.00 28 7 73 16 L 14.00 Dec. 21 0 14 22 9.00 14.00 0 196 268 Total
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