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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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