Question

You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $26 Oct. 9 Purchase 130 28 Oct. 11 Sale 109 38 Oct. 17 Purchase 109 29 Oct. 22 Sale 65 43 Oct. 25 Purchase 76 32 Oct. 29 Sale 120 43 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Gross profit $ $ $ Calculate gross profit rate under each of the following methods. gross profit rate Lifo%, Fifo% and Average-cost%

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