Can someone please work on this problem, I have an excel spreadsheet that goes with this problem for guidance. Thanks!<\/p>
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Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results.<\/em><\/p> (LO 2, 3)<\/strong><\/p> <\/p> P6-5B<\/strong>You are provided with the following information for Perkins Inc. for the month ended October 31, 2017. Perkins uses a periodic method for inventory.Unit Cost or<\/strong><\/p> Date<\/u>Description<\/u>Units<\/u>Selling Price<\/u><\/strong><\/p> October1Beginning inventory60$25<\/p> October9Purchase12026<\/p> October 11Sale10035<\/p> October 17Purchase7027<\/p> October 22Sale6040<\/p> October 25Purchase8028<\/p> October 29Sale11040<\/p> <\/p> Instructions<\/em><\/strong><\/p> <\/p> (a)(iii) Gross profit:<\/strong><\/p> LIFO$3,050<\/strong><\/p> FIFO$3,230<\/strong><\/p> Average$3,141<\/strong><\/p> <\/p> (a)<\/strong> Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and <\/p> (iv) gross profit rate under each of the following methods.(1)<\/strong> LIFO.<\/p> (2)<\/strong> FIFO.<\/p> (3)<\/strong> Average-cost. (Round average cost per unit to 3 decimal places.)<\/p> (b)<\/strong> Compare results for the three cost flow assumptions.<\/p>",
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