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Problem 6-5A You are provided with the following information for Tamarisk Inc. for the month ended June 30, 2019. Tarnarisk uses the periodic method for
Problem 6-5A You are provided with the following information for Tamarisk Inc. for the month ended June 30, 2019. Tarnarisk uses the periodic method for inventory. Unit Cost or Selling Price $38 42 71 71 Date Description Quantity June Beginning inventory une 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return une 25 Sale June 28 Purchase 42 140 105 15 53 12 64 76 48 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Welghted-average cost per unit 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 s The cost of goods sold s Gross profit Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%.) LTFO FIFO AVERAGE-COST Gross profit rate Compare the results for the three cost flow assumptions and ansiwer the following questions. In this period of rising prices, LIFO gives the cost of goods sold and the gross profit. FIFO gives the cost of goods sold and the gross profit
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