[laila25]

During the first quarter of 20xx, Taube Company sold 12,000 cases of Product T for $120,000. Facts related to its beginning inventory and purchases are as follows:
For the quarter ended March 31, 20xx, compute the ending inventory, cost of goods sold, and gross profit under three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.)

[qcmar24]

During the first quarter of 20xx, Taube Company sold 12,000 cases of Product T for $120,000. Facts related to its beginning inventory and purchases are as follows:
For the quarter ended March 31, 20xx, compute the ending inventory, cost of goods sold, and gross profit under three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.)

OK in order for me to help you need to include in your post the beginning invnetory balance and its value, also you need to inclued any purchased or selling of any merchandise inventory.

[laila25]

Jan 1 beginning inventory 5000 [email protected]
10 purchases 3000 [email protected]
Feb 13 purchases 8000 [email protected]
Mar 5 purchases 2000 [email protected]

[qcmar24]

Assuming that you only sold the 12,000 cases and that that was the only selling and happen the same day
FIFO
Date... Purchases... Cost of goods sold... Inventroy
1/1... Beginning inventory... 5000@4= $20,000
1/10... 3000@5= $15,000... 5000@4= $20,000
... 3000@5= $15,000
2/13... [email protected]= $36,000... 5000@4= $20,000
... 3000@5= $15,000
... [email protected]=$36,000
3/5... 2000@5= $10,000... 5000@4= $20,000
... 3000@5= $15,000
... [email protected]= $36,000
... 2000@5= $10,000
Sales... 5000@4=$20,000... [email protected]=$18,000
... 3000@5=$15,000... 2000@5=$10,000
... [email protected]=$18,000...
The cost of goods sold under FIFO is $53,000, the ending inventory is $28,000, the gross profit is $67,000

LIFO
Date... Purchases... Cost of goods sold... Inventroy
1/1... Beginning inventory... 5000@4= $20,000
1/10... 3000@5= $15,000... 5000@4= $20,000
... 3000@5= $15,000
2/13... [email protected]= $36,000... 5000@4= $20,000
... 3000@5= $15,000
... [email protected]=$36,000
3/5... 2000@5= $10,000... 5000@4= $20,000
... 3000@5= $15,000
... [email protected]= $36,000
... 2000@5= $10,000
Sales... 2000@5=$10,000... 5000@4= $20,000
... [email protected]=$36,000... 1000@5= $5,000
... 2000@5= $10,000...
The cost of goods sold under FIFO is $56,000, the ending inventory is $25,000, the gross profit is $64,000

Weight Average
Date... Purchases... Cost of goods sold... Inventroy
1/1... Beginning inventory... 5000@4= $20,000
1/10... 3000@5= $15,000... 5000@4= $20,000
... 3000@5= $15,000
2/13... [email protected]= $36,000... 5000@4= $20,000
... 3000@5= $15,000
... [email protected]=$36,000
3/5... 2000@5= $10,000... 5000@4= $20,000
... 3000@5= $15,000
... [email protected]= $36,000
... 2000@5= $10,000
... avg. cost $4.5
Sale... [email protected]=$54,000... [email protected]=$27,000
The cost of goods sold under the weight average is $54,000, the ending inventory is $27,000, the gross profit is $66,000

Hope this could help you