You have the following information for Van Gogh Inc. for the month ended October 31, 2017. Van

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.

Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $24 Oct. 9 Purchase 120 26 Oct. 11 Sale 100 35 Oct. 17 Purchase 100 27 Oct. 22 Sale 60 40 Oct. 25 Purchase 70 29 Oct. 29 Sale 110 40 Instructions

(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profi t, and (iv) gross profi t 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 fl ow assumptions.

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