Solution-Fifo and lifo methods, Prepare a partial income

Fifo and lifo methods

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Reference no: EM13528006

The records of Aldrin Aviation include the following accounts for inventory of aviation fuel at July 31 of the current year.

Inventory
Aug 1 Balance 500 units @ $6.20 $3100
Nov 5 Balance 500 units @ $6.80 $3400
Jan 24 Purchase 7,500 units @ $7.00 $52,500
Apr 8 Purchase 500 units @ 8.00 $4,000

Sales Revenue
Jul 31 8090 units $113,260

Requirements: Prepare a partial income statement through gross profit under the average, FIFO and LIFO methods. Round average cost per unit to four decimal places and all other amounts to the nearest whole dollar.

Reference no: EM13528006

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Fifo and lifo methods

Reference no: EM13528006

Reference no: EM13528006

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