A summary of inventory records for Goldwater Company reveals the following:
During 2016, 35 units were sold at $2,200 per unit for total sales revenue of $77,000
Compute cost of goods sold, gross profit, and the inventory balance for the current period under FIFO, LIFO, and average cost.

Question

A summary of inventory records for Goldwater Company reveals the following:
  During 2016, 35 units were sold at $2,200 per unit for total sales revenue of $77,000
Compute cost of goods sold, gross profit, and the inventory balance for the current period under FIFO, LIFO, and average cost.

Quizplus · Accepted Answer

The Answer of A summary of inventory records for Goldwater Company reveals the following:
  During 2016, 35 units were sold at $2,200 per unit for total sales revenue of $77,000
Compute cost of goods sold, gross profit, and the inventory balance for the current period under FIFO, LIFO, and average cost.

A Summary of Inventory Records for Goldwater Company Reveals the Following