(Answered) Periodic systemcalculate cost ofnbspgoods sold ending

Accounting

Periodic System

Calculate Cost of Goods Sold, Ending Inventory, gross profit and gross profit rate. Using FIFO, LIFO and Average costs.

You are provided with the following information for Danielle Inc. for the month ended June 30, 2005. Danielle uses the periodic method for inventory.

date	description	quantity	unit cost or selling price
june1 june4 june10 june11 june18 june18 june25 june28	beginning inventory purchase sale sale return purchase purchase return sale purchase	25 85 70 10 35 5 50 20	$60 64 90 90 68 68 95 72

Instruction:

a. calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, (iv) gross profit rate under each of the following methods

1. LIFO
2. FIFO
3. Average cost

b. compare results for the three cost flow assumptions

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