4. Use the information below to determine the sales revenue, cost of goods sold

Question

4. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the July 18 sale assuming the company uses AVERAGE COST, FIFO and LIFO inventory valuation and a perpetual inventory system. June 25: July 5: July 22: July 18: Purchased 250 units at $13 per unit. Purchased 100 units at $17 per unit. Purchased 50 units at $20 per unit. Sold 82 units at $22 per unit. AVE COST FIFO LIFO Revenue Cost of Goods Sold Gross Profit

Explanation / Answer

Calculate following :

AVE cost FIFO LIFO Revenue 1804 1804 1804 Cost of goods sold 1160 82*13 = 1066 82*17 = 1394 Gross profit 644 738 410

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