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FIFO and LIFO Method

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FIFO and LIFO Method;The records of Aldrin Aviation include the following accounts for inventory of aviation fuel at July 31 of the current year.;Inventory;Aug 1 Balance 500 units @ $6.20 $3100;Nov 5 Balance 500 units @ $6.80 $3400;Jan 24 Purchase 7,500 units @ $7.00 $52,500;Apr 8 Purchase 500 units @ 8.00 $4,000;Sales Revenue;Jul 31 8090 units $113,260;Requirements: Prepare a partial income statement through gross profit under the average, FIFO and LIFO methods. Round average cost per unit to four decimal places and all other amounts to the nearest whole dollar.

 

Paper#31184 | Written in 18-Jul-2015

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