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Compute the cost of closing stock and the gross profit

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Reference no: EM132067546

1. The following information about Q, a stock item sold by Patel has been presented to you.

October 1

b/d

100 units @ sh. 20

October 5

Sale

80 units @ sh. 25

October 7

Purchase

200 units @ sh. 22

October 13

Sale

60 units @ sh. 27

October 17

Purchase

300 units @ sh. 23

October 24

Sale

320 units at sh. 28

October 29

Purchase

150 units @ sh. 24

October 31

Sale

200 units @ sh. 29

Required:

Compute the cost of closing stock and the gross profit under each of the following cost flow assumptions.

a) LIFO periodic

b) LIFO perpetual

c) Weighted average perpetual.

Reference no: EM132067546

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