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Calculate the number of units in ending inventory

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Reference no: EM132770195

Question - A review of the Double Rainbow Corporation shows the following purchases and sales:

Jan 1 Beginning inventory 50 units at $16.00 $800

March 3 Purchases 100 units at $19.00 $1.900

April 7 Sales 110 units at $38.00

Aug. 21 Purchases 60 units at $22.00 $1,320

Oct. 3 Purchases 30 units at $20.00 $600

Dec 15 Sales 64 units at $36.00

Required - Calculate the following. Show all calculations.

i. Calculate the number of units in ending inventory.

ii. Calculate FIFO total $ in ending inventory based on the perpetual method

iii. Weighted average total ending inventory based on the periodic method (round weighted average cost to 2 decimal places. Round final answer to nearest dollar)

iv. Using FIFO based on the perpetual method, calculate the total gross profit.

Reference no: EM132770195

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