Problem
Strand Corp has the following information:
Beginning Inventory- 2,000 units @ $20/unit= $40,000
Purchased- 1,000 units @ $22/unit= $22,000
Purchased- 1,500 units @ $23/unit= $34,500
Purchased- 1,700 units @ $24/unit= $40800
Goods Available for Sale 6,200 units $137,300
Sold- 5,750 units for $50/each
Ending Inventory 450 units
Task: for FIFO, LIFO and Weighted Average:
A. Calculate the value of Ending Inventory
B. Calculate and show the schedule for Cost of Goods Sold
C. Calculate and show the schedule for Gross Profit
D. Calculate and show the Gross Profit Percentage (carry out at least 1 decimal place).