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ACC 205 Week 3 Assignment 1
$ 15.00

a. cost of goods sold. Sold: 21,000 + 4,000 = 25,000

b. gross profit. Profit: 35,000 – 25,000 = 10,000

c. ending inventory. Inventory: 21,800 + 31,200 = 53,000

2. Inventory valuation methods: basic computations. The January beginning inven­tory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.

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