Brake Company utilizes the perpetual inventory method. Inventory information for Part # AB124 revealed the following for the month of May:
|
May 1
|
Balance 245 units @ $8
|
May 10
|
Sold 210 @ $23.50
|
|
May 11
|
Purchased 800 units @ $9.50
|
May 16
|
Sold 300 @ $23
|
|
May 20
|
Purchased 770 units @ $11
|
May 26
|
Sold 350 @ $24.50
|
Required: Determine the value of ending inventory and gross profit under each of the following methods:
(a)LIFO
(b)FIFO
(c)Average Cost