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The following information is given for McHugh Inc. for the month ended October 31,2010. McHugh uses a periodic method for inventory.
Date Description Units UnitCost
Oct.1 BeginningInventory 60 25
Oct.9 Purchase 120 26
Oct.11 Sale 100 35
Oct. 17 Purchase 90 27
Oct.22 Sale 60 40
Oct. 25 Purchase 80 29
Oct. 29 Sale 110 40
Calculate: ending inventory, cost of goods sold, gross profit and gross profit rate under each method:
1) FIFO
2) LIFO
3) Average Cost
Compare the results for the three cost flow assumptions.
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