Question - The following is an analysis of the Inventory of Kelly's Krystals:
Units Unit Cost Total
Nov 1 Beginning Inventory 5,000 $5.00 $25,000
Nov 5 Purchases 4,500 $8.50 $38,250
Nov 10 Purchases 2,000 $10.00 $20,000
Nov 20 Purchases 2,500 $12.50 $31,250
Total 14,000 $114,500
1. During the year, Kelly's sold 9,500 units. Calculate Ending Inventory and Cost of Goods Sold using the following methods: a. Average Method b. First-in, First-Out c. Last-in, First-Out
2. If Kelly sells her Krystals for $18 each, what is the GROSS PROFIT Under all 3 Methods?