Solution
Aarti J answered on
May 02 2020
Assessment 6, Problem 1 Template
Solution
Template for a summarized income statement through gross profit for the month ended January 31, 2011, under four inventory valuation methods: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For Sheldon and Blair.
Learner:
Sheldon and Blai
Partial Income Statement
For the Month Ended January 31, 2011
(a) Weighted Average (b) FIFO (c) LIFO (d) Specific Identification
Sales revenue1 $14,000 $14,000 $14,000 $14,000
Cost of goods sold2 $4,642 $4,400 $4,920 $4,500
Gross profit $9,358 $9,600 $9,080 $9,500
Sheldon and Blai
Computations
1Sales revenue:
700 units @ $20 = $14,000
2Cost of goods sold:
Units Weighted Average FIFO LIFO Specific Identification
Beginning inventory 500 $3,000 $3,000 $3,000 $3,000
Purchases (net)3 800 $5,620 $5,620 $5,620 $5,620
Goods available for sale 1,300 $8,620 $8,620 $8,620 $8,620
Ending...