Reference no: EM132674125
Evans Company had the following transactions in the month of March involving purchases and sales of inventory:
March 1: Beginning Inventory 65 Units @ $60/unit
March 5: Purchase of 210 Units @ $64/unit
March 9: Sale of 200 Units @ $90/unit
March 18: Purchase of 65 Units @ $65/unit
March 25: Purchase of 95 Units @ $70/unit
March 29: Sale of 75 Units @ $100/unit
Required:
Problem 1: Calculate the cost of goods sold under the FIFO, LIFO, and Weighted Average methods.
Problem 2: Calculate cost of goods sold using the Specific Identification method. Assume the March 9 sale consisted of 40 units form beginning inventory and 160 units from the March 5 purchase. Assume the March 29 sale consisted of 20 units from the March 18 purchase and 55 units from the March 25 purchase.
Problem 3: Compute the gross profit earned under each of the four inventory valuation methods.
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