Netta Shutters has the following inventory information.
Nov. 1 Inventory 30 units @ $8.00
8 Purchase 120 units @ $8.30
17 Purchase 60 units @ $8.40
25 Purchase 90 units @ $8.80
Netta sold 260 units of inventory during the month, at a cost of $15.00 each.
A. Calculate the dollar value of ending inventory, cost of goods sold, and gross profit at the end of the month assuming the company uses FIFO with a periodic inventory system.
B. Calculate the dollar value of ending inventory, cost of goods sold, and gross profit at the end of the month assuming the company uses LIFO with a periodic inventory system.
C. Calculate the dollar value of ending inventory, cost of goods sold, and gross profit at the end of the month assuming the company uses the average cost with a periodic inventory system. Round to the nearest cent—EX: $4567.89