(Answered) Problem - kettle company made the following purchases of

Accounting

Problem - Kettle Company made the following purchases of Product A In its first year of operations:

	Units	Unit Cost
January 2	1,400	@ $7.40
March 31	1,200	@ 7.00
July 5	2,400	@ 7.60
November 1	1,800	@ 8.00

The ending inventory that year consisted of 2,400 units. Kettle uses periodic inventory procedure.

1. Compute the cost of the ending Inventory using each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average.

2. Which method would yield the highest amount of gross margin? Explain why it does.

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