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Peoples Printer Co. sells printers and uses a periodic inventory approach. The PX4015 Brand is one...

Peoples Printer Co. sells printers and uses a periodic inventory approach. The PX4015 Brand is one of the printers it sells and this brand had the following beginning inventory, purchase, and sales history for the current year: please show work

Number of Cost per Total

Printers Printer Cost

January 1 inventory 9 $146.00 $1,314.00

July 16 purchases 14 $151.00 $2,114.00

December 8 purchases 5 $158.00 $790.00

Available for sale 28 $4,218.00

July 20 sales 19

December 31 inventory 9

The selling price of the printer was $200.

What is the cost of goods sold for the year ended December 31 if the LIFO cost flow assumption is used?

	a.	$2,824
	b.	$2,844
	c.	$1,314
	d.	$2,904

What is the ending inventory as of December 31 if the LIFO cost flow assumption is used?

	a.	$1,394
	b.	$1,314
	c.	$1,374
	d.	$2,904

What is the gross profit for the year ended December 31 if the LIFO cost flow assumption is used?

	a.	$896
	b.	$976
	c.	$956
	d.	$944

What is the cost of goods sold for the year ended December 31 if the FIFO cost flow assumption is used?

	a.	$2,904
	b.	$2,844
	c.	$2,824
	d.	$1,394

What is the ending inventory as of December 31 if the FIFO cost flow assumption is used?

	a.	$1,314
	b.	$1,374
	c.	$2,824
	d.	$1,394

What is the gross profit for the year ended December 31 if the FIFO cost flow assumption is used?

	a.	$896
	b.	$956
	c.	$976
	d.	$944

Expert Solution

ekkarill92 answered 1 year ago

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