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The following information relates to the inventory transactions of Thames Company for 2018. January 1 Beginning...

The following information relates to the inventory transactions of Thames Company for 2018.


January 1 Beginning inventory, 90 units @ $75/unit

March 8 Purchased 160 units @ $80/unit

October 24 Purchased 100 units @ $90/unit


On August 19, the Company sold 225 units at a selling price of $115/unit



A. Number of units remaining in ending inventory.


B. Compute the cost of goods sold and ending inventory under each of the following methods:

LIFO

FIFO

Weighted average cost

C. Determine the gross profit amount for the year under each of the methods.

Solutions

Expert Solution

Please comment for any Explanation,

Thanks,

ekkarill92 answered 2 years ago
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