Calculate cost of goods sold and ending inventory and analyze effect of each method on financial statements (.L O 3,4)
Jefferson Company had the following sales and purchases during 2006, its first year of business.
| January5 | Purchased4 0 units at $.100e ach |
| February 15 | Sold 15 units at $150 each |
| April 10 | Sold 10 units at $150 each |
| June3 0 | Purchased3 0 units at $105 each |
| August 15 | Sold 25 units at $150 each |
| November2 8 | Purchased3 0 units at $110 each |
Required
Calculate the ending inventory, the cost of goods sold, and the gross profit for the December 31, 2006. Financial statements under each of the following assumptions:
a. FIFO periodic
b. LIFO periodic
c. Weighted average cost Periodic
d. How will the differences between the methods affect the income statement and balance sheet for the Year?
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