Records of the Swain New Products Co. show the following 1 answer below »

Records of the Swain New Products Co. show the following data relative to Product M:
March 2 Inventory . . . . . . . . . . . . . . . . . . . . . 450 units at $26.00
3 Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 units at $33.00
6 Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . 350 units at $27.50
13 Purchase . . . . . . . . . . . . . . . . . . . . . . . . . 300 units at $28.00
20 Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 units at $34.50
25 Purchase . . . . . . . . . . . . . . . . . . . . . . . . . 100 units at $27.00
28 Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 units at $35.00
Instructions: Calculate the inventory balance and the gross profit on sales for the month on each of the following bases.
1. Perpetual FIFO
2. Periodic FIFO

 

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