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The records of Aldrin Aviation include the following accounts for inventory of aviation fuel at July

The records of Aldrin Aviation include the following accounts for inventory of aviation fuel at July 31 of the current year.
Inventory
Aug 1 Balance 500 units @ $6.20 $3100
Nov 5 Balance 500 units @ $6.80 $3400
Jan 24 Purchase 7,500 units @ $7.00 $52,500
Apr 8 Purchase 500 units @ 8.00 $4,000
Sales Revenue
Jul 31 8090 units $113,260
Requirements: Prepare a partial income statement through gross profit under the average, FIFO and LIFO methods. Round average cost per unit to four decimal places and all other amounts to the nearest whole dollar.

Additional Requirements
Level of Detail: Show all work

 

May 16 2020 View more View Less

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