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Calculate i ending inventory ii cost of goods sold iii

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Reference no: EM13482526

You have the following information for Company XYZ for themonth ended June 30, 2007. Company XYZ uses a periodic method forinventory.

Date Description Quantity Unit Cost ofSelling Price
1-Jun Beginning inventory 25 $60
4-Jun Purchase 85 64
10-Jun Sale 70 90
11-Jun Sale return 5 90
18-Jun Purchase 40 68
18-Jun Purchase return 15 68
25-Jun Sale 50 95
28-Jun Purchase 20 75


(a) Calculate (i) ending inventory (ii) cost of goods sold, (iii) gross profit, and (iv)gross profit rate under each of the following methods.(1) LIFO(2) FIFO(3) Average Cost. (Roundcost per unit to three decimal places.)

(b) compare results forthe three cost flow assumptions.

Reference no: EM13482526

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