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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

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