Accounting Exercise 7.2 (Accounting for Inventories)
Berkley Company had the beginning inventory of 50 units at $30 cost each and the following purchases and sales during an accounting period:
| Jan. 1 | Beginning Inventory | 50 units x $30 |
| Feb 10 | Purchased | 160 units x $31 |
| Mar 17 | Sold | 120 units x $55 |
| Mar 22 | Sold | 60 units x $56 |
| Apr 6 | Purchased | 80 units x $33 |
| May 17 | Sold | 90 units x $60 |
Required:
Calculate the cost of goods sold, ending inventory, and gross margin (revenues less cost of goods sold) for the period using FIFO and LIFO cost flow methods.
Location