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You have the following information for Company XYZ for themonth ended June 30, 2007. Company XYZ uses a periodic method forinventory.

Date	Description	Quantity	Unit Cost ofSelling Price
1-Jun	Beginning inventory	25	$60
4-Jun	Purchase	85	64
10-Jun	Sale	70	90
11-Jun	Sale return	5	90
18-Jun	Purchase	40	68
18-Jun	Purchase return	15	68
25-Jun	Sale	50	95
28-Jun	Purchase	20	75

(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. (Roundcost per unit to three decimal places.)

(b) compare results forthe three cost flow assumptions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797702

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