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CC6 COOKIE CREATIONS
(a)
COST OF GOODS AVAILABLE FOR SALE
Date
Explanation
Units
Unit Cost
Total Cost
Feb. 1
Beginning Inventory
3
$595
$1,785
Feb. 2
Purchase
2
600
1,200
(b)
LIFO
Ending Inventory
Cost of Goods Sold
Total
Cost of goods
Gross Profit
Gross Profit Rate
Sales
$8,050*
$3,733
46.37%
CC6 (Continued)
FIFO
Ending Inventory
Cost of Goods Sold
Date
Units
Unit Cost
Total
Cost
Cost of goods
available for sale
$6,702
May 4
3
$625
$1,875
Less: Ending inventory
2,487
Gross Profit
Gross Profit Rate
Sales
$8,050
$3,835
47.64%
Average Cost
Ending Inventory
Cost of Goods Sold
$6,702/11 = $609.273
Cost of goods
available for sale
$6,702.00
Gross Profit
Gross Profit Rate
Sales
$8,050.00
$3,785.09
47.02%
