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Question: You have the following information for Van Gogh Inc. for the month ended October 31, 2017. Van Gogh uses a periodic method for inventory.

Instructions: (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. (Round cost per unit to three decimal places.)

(b) Compare results for the three cost flow assumptions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92656561

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