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I've been struggling with this accounting problem please help! It deals with average-cost, LIFO, and FIFO. I attached a picture of the original question and
I've been struggling with this accounting problem please help! It deals with average-cost, LIFO, and FIFO. I attached a picture of the original question and an excel spreadsheet that I laid out myself. The excel file should save some time when answering the question. I appreciate anyone that would like to help.
Date Description Quantity Unit Cost or Selling Price 1-Jun Beginning Inventory 39 $41 4-Jun Purchase 139 $46 10-Jun Sale 111 $68 11-Jun Sale Return 14 $68 18-Jun Purchase 53 $47 18-Jun Purchase Return 9 $47 25-Jun Sale 68 $73 28-Jun Purchase 32 $51 1) Calculate Cost Per Unit Weighted Average Cost Per Unit: 2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods (1) LIFO FIFO Average-Cost The ending inventory The cost of goods sold Gross Profit 3) Gross Profit Rate Calculate gross profit rate under each of the following methods. (1) LIFO (2) FIFO (3) Average-Cost. LIFO FIFO Average-Cost ch of the following methods (1) LIFO. (2) FIFO. (3) Average-cost. (Round Average cost answers to 2 decimal places). LIFO (2) FIFO (3) Average-Cost. Round answers to 1 decimal place.)Step by Step Solution
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