In: Accounting
The following information is for the Mulligan Company for 2019. The company sells just one product:
Description | Date | Units | Unit cost |
Beginning Inventory | 1/1 | 20 | $58 |
Purchase: | 2/12 | 50 | $62 |
Purchase: | 5/26 | 60 | $64 |
Purchase: | 6/15 | 70 | $72 |
Sales: | 3/18 | 60 | |
Sales: | 6/3 | 90 |
Mulligan Company sold products at a fixed price of $120 per unit during this period.
Calculate gross profit for 2019 using the periodic method and last-in, first-out method.
The gross profit is _____________. (provide a number with no dollar sign, no thousand separator.)