Inventory Computation Using Different Cost Flows
Records of the Schwab New Products Co. show the following data relative to Product C:
|
March |
2 |
Inventory |
325 units at $25.50 |
|
|
3 |
Sale |
300 units at $37.50 |
|
|
6 |
Purchase |
300 units at $26.00 |
|
|
13 |
Purchase |
350 units at $27.00 |
|
|
20 |
Sale |
200 units at $35.70 |
|
|
25 |
Purchase |
50 units at $27.50 |
|
|
28 |
Sale |
125 units at $36.00 |
Instructions: Calculate the inventory balance and the gross profit on sales for the month on each of the following bases.
1. Perpetual FIFO
2. Periodic FIFO
3. Perpetual LIFO
4. Periodic LIFO
5. Perpetual average (Carry calculations to four decimal places and round to three.)
6. Periodic average