Problem 6-05A a1-a3, b (Part Level Submission) (Video)

You are provided with the following information for Larkspur Inc. for the month ended June 30, 2020. Larkspur uses the periodic method for inventory.

Date				Description		Quantity		Unit Cost or Selling Price
June		1		Beginning inventory		45		$42
June		4		Purchase		136		46
June		10		Sale		113		69
June		11		Sale return		15		69
June		18		Purchase		54		48
June		18		Purchase return		12		48
June		25		Sale		68		74
June		28		Purchase		35		52

Weighted-average cost per unit

$ 46.44

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$		$		$
The cost of goods sold		$		$		$
Gross profit		$		$		$