Question

The Ohio Corporation uses the periodic inventory system and had the following inventory transactions for its only product during 2012 Purchases Beginning 2012 Inventory February 15 April 20 October 25 2,000 units at $10.00 each 2,500 units at $11.00 each 1,000 units at $12.00 each 1,500 units at $14.00 each Sales March 1 June 12 August 10 1,000 units at $25.00 each 1,500 units at $27.00 each 1,500 units at $28.00 each units at $29.00 each Required: Determine Ohio Corporation's Cost of Goods Sold AND Gross Profit for 2012 using the First-In-First-Out Method (c) FIFO ANSWER COGS: (d) FIFO ANSWER: Gross