What is justice? are we achieving it? and what are the costs of justice (cost/benefit analysis)? keep in mind, costs can be reco
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Answer:
(a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Cost of Inventory 4,900
Cost of goods sold 13850
(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Cost of Inventory 6,300
Cost of goods sold 12450
(c) Compute the gross margin for each method.
Sales = 36,000
FIFO
Gross profit Margin = (36000 - 13850) / 36000 = 61.5%
Gross profit Margin = (36000 - 12450) / 36000 = 65.4%
Explanation:
The working is attached in an MS Excel file with this answer. Please find it.
