Periodic System Calculate Cost of Goods Sold, Ending Inventory, gross profit and gross profit rate. Using FIFO,
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Question:
Periodic System
Calculate Cost ofGoods Sold, Ending Inventory, gross profit and gross profit rate.Using FIFO, LIFO and Average costs.
You are provided with the following information for Danielle Inc. for the month ended June 30, 2005. Danielle uses the periodic method for inventory.
date | description | quantity | unit cost or selling price |
june 1 june 4 june 10 june 11 june 18 june 18 june 25 june 28 | beginning inventory purchase sale sale return purchase purchase return sale purchase | 25 85 70 10 35 5 50 20 | $60 64 90 90 68 68 95 72 |
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