Answer:
Explanation:
Date T /Number Units Cost Total cost
Jan 1 55 47 2585
Apr. 7 135 49 6615
Jul. 16 205 52 10660
Oct. 6 115 53 6095
Total 510 25955
Using LIFO
a)Ending Inventory=
(55*47)+(10*49)=2585+490=$3075
b)The cost of 441 units annual sales=
115 * 53 = 6095
201 *52= 10660
125*49= 6125
= $22880
c)Sales revenue= 441*65= $28665
d)Gross profit = $28,665 - $22,880 = $5785