Please answer the 2 parts of the question
Q1. Copley Company had the following inventory transactions occur during Year 1, its first year of operations:
Date Units Cost per Unit
2/1 Purchase 10 $43
3/14 Purchase 25 $48
5/1 Purchase 24 $60
6/1 Sale (51) End Balance 8 Copley Company sells units for $137 each.
What is Copley Company's gross profit (margin) using LIFO? (rounded to the nearest whole dollar)
$4,261
$6,987
$4,397
$4,301
$4,320
What is Copley Company's ending inventory balance using FIFO? (rounded to the nearest whole dollar)
$480
$384
$344
$403
