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Problem 6-OSA al-a3b (Video) You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic
Problem 6-OSA al-a3b (Video) You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic method for inventory. Unit Cost or Selling Price Quantity 41 $39 Date Description June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 137 107 13 57 10 65 43 67 67 44 44 71 17 30 Calculate cost per unit (Round answer to 2 decimal places, e.g. 5.25.) Weighted average cost per unit LINK TO TEXT 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 o decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold $ $ $ $ Gross profit s $ $ LINK TO TEXT Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) FIFO AVERAGE-COST Gross profit rate % LIFO LINK TO TEXT Compare the results for the three cost flow assumptions and answer the following questions gross profit. In this period of rising prices, gives the highest cost of goods sold and the + gives the lowest cost of goods sold and the gross prorit. Click if you would like to Show Work for this question: Open Show Work
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