Select Page
  

Date Description Units Unit Cost or Selling Price10/1 Beg.Inventory 60 $24 = 144010/9 Purchase 120 26 = 312010/11 Sale 100 35 = 350010/17 Purchase 100 27 = 270010/22 Sale 60 40 = 240010/25 Purchase 70 29 = 203010/29 Sale 110 40 = 4400Using the periodic inventory methoda) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.LIFO.FIFO.Average?cost. (Round cost per unit to three decimal places.)(a) Gross profit:LIFO$2,970FIFO$3,310Average$3,133(b) Compare results for the three cost flow assumptions.Compare specific identification, FIFO, and LIFO under periodic method; use cost flow assumption to influence earnings.