Accounting homework periodic inventory FIFO/ LIFO need help please!!!?

Posted on 2014-04-11 12:05:00 in Accounting by GMILLBUZZKILL

I am stuck on this problem with my Homework not really sure how to compute any of the following without a beginning inventory amt or the recording of a sale through the month. If anyone can explain to me how figure this out that would be great because i have been trying to figure it out for over 3 hours now!!!!!







The New Era cap company Sells Hats Using a Periodic Inventory Costing System.

1. On March 1, The NEC Bought 400 Hats at $10 each.

2. On March 10, The NEC Bought 600 Hats at $12 each.

3. On March 15, The NEC Bought 400 Hats at $15 each

4. On March 20, The NEC Bought 600 Hats at $16 each.

5. On March 31, The NEC Counted 500 Hats remaining in Inventory

6. Assume that Each Hat that was Sold, was Sold for $40 Each







31) Compute the Cost of Goods sold using FIFO =





32) Compute the Cost of Goods Sold using LIFO =







33) Compute the Cost of Goods Sold using Weighted Average =





34) Compute the Ending Inventory Dollar Value using FIFO =





35) Compute the Ending Inventory Dollar Value using LIFO =





36) Compute the Ending Inventory Dollar Value using Weighted Average =





37) Compute the Gross Profit Amount using FIFO =





38) Compute the Gross Profit Amount using LIFO =

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