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

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The following information is given for McHugh Inc. for themonth ended October 31,2010. McHugh uses a periodic method forinventory.

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 profitand gross profit rate under each method:Compare the results for the three cost flow assumptions.

1) FIFO

2) LIFO

3) Average Cost

I only need hints I don't really expect anyone to solve thisproblem for me. Just looking for a little help.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797140

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