Use the information given in Problem 5-1B on page 227 in your textbook to calculate Cost of Goods Sold and the cost assigned to Ending Inventory using each of the following methods: 1-FIFO 2-LIFO...

FIFO METHOD:
    Date
    Purchase
    Sales
    Balance
    
    
    
    
    
    Units
    Per unit Cost
    Total
    Units
    Per unit Cost
    Total
    Units
    Per unit Cost
    Total
    April, 1
     
     
     
     
     
     
    20
    3,000
    60,000
    April, 6
    30
    3,500
    105,000
     
     
     
    20
    3,000
    60,000
     
     
     
     
     
     
     
    30
    3,500
    105,000
    April, 9
     
     
     
    20
    12,000
    240,000
    15
    3,500
    52,500
     
     
     
     
    15
    12,000
    180,000
     
     
     
    April, 17
    5
    4,500
    22,500
     
     
     
    15
    3,500
    52,500
     
     
     
     
     
     
     
    5
    4500
    22,500
    April, 25
    10
    4,800
    48,000
     
     
     
    15
    3,500
    52,500
     
     
     
     
     
     
     
    5
    4,500
    22,500
     
     
     
     
     
     
     
    10
    4,800
    48,000
    April, 30
     
     
     
    15
    14,000
    210,000
    5
    4800
    24,000
     
     
     
     
    5
    14,000
    70,000
     
     
     
     
     
     
     
    5
    14,000
    70,000
     
     
     
So, Ending inventory = $24,000.
Gross profit = Total Sales - (Beginning inventory + Purchases – Ending Inventory)
    Total Cost = 105,000 + 22,500 + 48,000 = $175,500
Total Sales = 240,000 + 180,000 + 210,000 + 70,000 + 70,000 = $770,000
Gross Profit = $770,000 – ($60,000 + $175,500 - $24,000)
        = $558,500
LIFO METHOD:
    Date
    Purchase
    Sales
    Balance
    
    
    
    
    
    Units
    Per unit Cost
    Total
    Units
    Per unit Cost
    Total
    Units
    Per unit Cost
    Total
    April,...