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with the following information, how do i calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost? You are
with the following information, how do i calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost?
You are provided with the following information for Sunland Inc. for the month ended June 30, 2020. Sunland uses the periodic method for inventory.
Date | Description | Quantity | Unit Cost or Selling Price | |||||
---|---|---|---|---|---|---|---|---|
June | 1 | Beginning inventory | 41 | $ 40 | ||||
June | 4 | Purchase | 135 | 43 | ||||
June | 10 | Sale | 105 | 70 | ||||
June | 11 | Sale return | 17 | 70 | ||||
June | 18 | Purchase | 55 | 45 | ||||
June | 18 | Purchase return | 9 | 45 | ||||
June | 25 | Sale | 64 | 76 | ||||
June | 28 | Purchase | 35 | 49 |
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