The following information is given for mchugh inc for the, Ask an Expert

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The following information is given for McHugh Inc. for the month ended October 31,2010. McHugh uses a periodic method for inventory.

Date Description Units UnitCost

Oct.1 BeginningInventory 60 25

Oct.9 Purchase 120 26

Oct.11 Sale 100 35

Oct. 17 Purchase 90 27

Oct.22 Sale 60 40

Oct. 25 Purchase 80 29

Oct. 29 Sale 110 40

Calculate: ending inventory, cost of goods sold, gross profit and gross profit rate under each method:

1) FIFO

2) LIFO

3) Average Cost

Compare the results for the three cost flow assumptions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797304

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