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[solution] » The Codfather is a fish market based out of Seattle, Washington.

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The Codfather is a fish market based out of Seattle, Washington.
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The Codfather is a fish market based out of Seattle, Washington.

On January 1, they purchased 10 pink salmon for $5 each. (Fish #1-10)

On January 5, they purchased an additional 10 pink salmon for $8 each. (Fish #11-20)

On January 10, they purchased an additional 10 pink salmon for $10 each. (Fish #21-30)

On January 12, a customer purchased 15 pink salmon from the Codfather for $20 each

(They chose fish #1-10, 11-14, and 21 - The customer felt that there was something fishy

about #15-20).


a) What is the gross profit of the Codfather under each of the inventory costing methods?


Specific ID FIFO Weighted Average


Revenue: 20 x 15 = $ 300 Revenue: 20 x 15 = $ 300 Revenue: 20 x 15 = $ 300


Cost: 1-10 5 x 10 = $ 50 Cost: 1-10 5 x

 







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