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1. Lora Picture Framing began March with 73 units of inventory that cost $23 each. During the month, Lora made the following purchases and sales:
Date
Units
Price $
March 3 Purchase
March 8 Sales
March 12 Purchase March 12 Purchase
March '15 Sales
March 19 Sales
March 25 Purchase
112
85
60
45
55
75
65
25
27
30
35
The business uses the perpetual inventory system.
Required
1. Determine the ending inventory and cost-of-goods-sold amounts for the March financial statements under (a) average cost, (b) FIFO cost, and (c) LIFO cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.
2. Sales price per unit is $50. Calculate Nelson's gross profit for March under each method.
3. Physical stock count at 31 March revealed 89 units of inventory on hand. Under FIFI method calculate loss of inventory and record the journal entry to bring the ending inventory to its correct balance.
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