calculate ending inventory cost of goods sold gross profit using average cost method 264714

1. Lora Picture Framing began March with 73 units of inventory that cost $23 each. During the month, Lora made the following purchases and sales: Date?Units?Price $??March 3 Purchase March 8 Sales March 12 Purchase?March 12 Purchase March `15 Sales March 19 Sales March 25 Purchase?112 85 60 45 55 75 65?25 27 30 35 ??The business uses the perpetual inventory system. Required 1. Determine the ending inventory and cost of goods sold amounts for the March financial statements under (a) average cost, (b) FIFO cost, and (c) LIFO cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. (6 Marks) 2. Sales price per unit is $50. Calculate Nelson’s gross profit for March under each method. (3 Marks) 3. Physical stock count at 31 March revealed 89 units of inventory on hand. Under FIFI method calculate loss of inventory and record the journal entry to bring the ending inventory to its correct balance. (1 Mark)