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What is the cost of goods sold

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Reference no: EM132203916

Kara Company uses a periodic inventory system. Kara sold 420 coats in 2012 for $500 each. Other data for 2012 includes:

Merchandise inventory and purchases: (coats inventory) 

Jan. 1          Balance              300 coats @ $ 70.00 = $21,000

March 6      Purchased          200 coats @ $ 80.00 = $16,000

July 15        Purchased          300 coats @ $ 90.00 = $27,000

Oct. 23        Purchased          100 coats @ $100.00 = $10,000

AVAILABLE:    900 coats = $74,000

What is the Cost of Goods Sold and the Gross Margin under the FIFO and LIFO methods?

Reference no: EM132203916

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