Abiy's Apple Pies purchases pies from a supplier, which it then sells to customers. During the...

Abiy's Apple Pies purchases pies from a supplier, which it then sells to customers. During the year, it had the following information related to its inventory:

Beginning Inventory	120 units, purchased for $3 each.
Sale	90 units, sold for $10 each
Purchase	20 units, purchased for $4 each.
Purchase	15 units, purchased for $5 each.
Sale	25 units, sold for $11 each.

A. Using the information above, complete the following table related to Abiy's Apple Pies. Assume Abiy's uses the periodic inventory method. Round your final answer to the nearest whole number.

	FIFO	LIFO	Average Cost
Cost of Goods Sold
Ending Inventory

B. Using the same information for Abiy's Apple Pies, complete the following table. Assume Abiy uses the perpetual inventory method.

	FIFO	LIFO
Cost of Goods Sold
Ending Inventory
Gross Profit

Expert Solution

ekkarill92 answered 1 year ago

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