Fancy iron industries began october with 54 units of iron

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Fancy Iron Industries began October with 54 units of iron inventory that cost $39 each. During October, the company completed the following inventory transactions:



units unit cost unit sale price
oct 3 sale 44
$70
8 purchase 84 $44
21 sale 74
$74
30 purchase 14 $48

Requirements

R1. Prepare a perpetual inventory record for the inventory using FIFO.

R2. Prepare a perpetual inventory record for the inventory using LIFO

R3. Prepare a perpetual inventory record for the inventory using average cost.

R4. Determine the company's cost of goods sold for October using FIFO, LIFO, and average cost.

R5. Compute gross profit for October using FIFO, LIFO, and average cost.

Reference no: EM13568396

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