Given the information below, fill in the missing information:
1/20 Purchased Units 75 @ $17 = $1,275
4/21 Purchased Units 450 @ $19 = $8,550
7/25 Purchased Units 200 @ $23 = $4,600
9/19 Purchased Units 100 @ $29 = $2,900
Available for Sale 825 $17,325
During this year, Bristol Sales sold 775 DVDs for $60 each.
Finish these equations:
FIFO
Sales
Cost of Goods Available for Sale – Ending Inventory = Cost of Goods Sold
What is the Gross Margin under FIFO?
LIFO
Sales
Cost of Goods Available for Sale – Ending Inventory = Cost of Goods Sold
Cost of Goods Sold
What is the Gross Margin under FIFO?
What is the difference in Gross Margin between FIFO and LIFO?
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