Please help me and thank you. by filling out those blanks please To illustrate t

Question

Please help me and thank you. by filling out those blanks please

To illustrate the different inventory cost flow assumptions, consider the following example of Russell Company, which purchased inventory at three different times at three different prices. Russell purchased a total of 90 units, which cost a total of $1,260. On May 31st a customer purchased 30 units. Russell's selling price was $23 per unit. Fill in the table below, calculate Russell Company's sales revenue, cost of goods sold, gross profit and ending inventory balance under each of the three inventory cost flow assumptions. Round your answer to the nearest dollar. However, do not round intermediate calculations.

Explanation / Answer

FIFO

LIFO

Average Cost

Revenue

$690

$690

$690

Cost of Goods Sold

$240

$570

$420

Gross Profit

$450

$120

$270

Ending inventory

$1020

$690

$840

FIFO

LIFO

Average Cost

Revenue

$690

$690

$690

Cost of Goods Sold

$240

$570

$420

Gross Profit

$450

$120

$270

Ending inventory

$1020

$690

$840

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