1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

UNDER FIFO

Cost of Goods Soldis       25 units  with a total value of $419

Ending Inventory      is           8 units @ $23  giving total value of $184

UNDER LIFO

Cost of Goods Soldis       25 units  with a total value of $483

Ending Inventory      is           8 units @ $15  giving total value of $120

Explanation:

Jun.1 Beginning merchandise inventory    [email protected]$15each

   12  Purchase                                             [email protected]$19each

    20 Sale                                                   [email protected]$37each

    24 Purchase                                           [email protected]$23each

    29 Sale                                                   [email protected]$37each  

1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.

FIFO INVENTORY METHOD    

DateParticularsUnit PriceUnitsAmount

Jun-01Opening Stock15           17           225

Jun-12Purchases         19           5                95  

Jun-24Purchases         23           11              253

Goods Available For Sale  33            603

                                 15      17            255

                                19         5                   95

                                23      3              69

Cost of Goods Sold        25                 419

Ending Inventory        23         8             184

2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

LIFO INVENTORY METHOD    

DateParticularsUnit PriceUnitsAmount

Jun-01Opening Stock15              17225

Jun-12Purchases         19               5   95

Jun-24Purchases        23              11  253

Goods Available For Sale      33  603

                                      23                  11  253

                               19               5        95

                                      15                    9135

Cost of Goods Sold             25483

Ending Inventory      15              8         120

a

explanation:

it is a i took the test.