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Units
|
Cost per Unit
|
Total Cost
|
|
May 1 Purchase
|
25
|
$ 13
|
$ 325
|
|
May 15 Purchase
|
25
|
18
|
450
|
|
May 20 Purchase
|
25
|
23
|
575
|
|
Goods available for sale
|
75
|
|
$ 1,350
|
Russell purchased a total of 75 units, which cost a total of $1,350. On May 31st a customer purchased 25 units. Russell's selling price was $26 per unit.
Fill in the table below, calculate Russell Company's sales revenue, cost of goods sold, gross profit and ending inventory balance under each of the three inventory cost flow assumptions. Round your answer to the nearest dollar. However, do not round intermediate calculations.
| |
FIFO
|
LIFO
|
Average Cost
|
|
Revenue
|
$
|
$
|
$
|
|
Cost of goods sold
|
|
|
|
|
Gross profit
|
$
|
$
|
$
|
|
Ending inventory
|
$
|
$
|
$
|