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You have the following information for McHugh Inc. for the month ended October 31, 2010. McHugh uses a periodic method for inventory.
Unit Cost orDate Description Units Selling PriceOct. 1 Beginning inventory 74 $31Oct. 9 Purchase 148 32Oct. 11 Sale 124 43Oct. 17 Purchase 111 33Oct. 22 Sale 74 49Oct. 25 Purchase 99 36Oct. 29 Sale 135 49
Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under each of the following methods. (When calculating average cost per unit round to 3 decimal places, e.g. 2.540. Round gross profit rate to 1 decimal place, e.g. 50.5 and all other answers to 0 decimal places, e.g. 5,550.)(1) LIFO.(2) FIFO.(3) Average cost.
LIFO FIFO Average CostEnding inventory $ $ $Cost of goods sold $ $ $Gross profit $ $ $Gross profit rate % % %
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