You are provided with the following information for Blue Spruce Inc. for the month ended June 30, 2019. Blue Spruce uses the periodic system for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $42 June 4 Purchase 139 46 June 10 Sale 107 70 June 11 Sale return 18 70 June 18 Purchase 56 48 June 18 Purchase return 11 48 June 25 Sale 67 75 June 28 Purchase 32 52 Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $enter Weighted-average cost per unit in dollars rounded to 2 decimal places $ 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 $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 2 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 2 decimal places Gross profit $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 2 decimal places 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%.) LIFO FIFO AVERAGE-COST Gross profit rate enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % eTextbook and Media Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, LIFO gives the select an option cost of goods sold and the select an option gross profit. FIFO gives the select an option cost of goods sold and the select an option gross profit.

You are provided with the following information for Blue Spruce Inc. for the month ended June 30, 2019. Blue Spruce uses the periodic system for inventory. Unit Cost or Description Quantity Selling Price Date $42 June 1 Beginning inventory 39 Purchase 139 46 June 4 70 June 10 Sale 107 Sale return 18 70 June 11 48 June 18 Purchase 56 Purchase return 11 48 June 18 June 25 Sale 67 75 Purchase 32 52 June 28 Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) $ Weighted-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.) FIFO LIFO AVERAGE-COST $ The ending inventory $ The cost of goods sold $ $ $ Gross profit eTextbook and Media 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%.) LIFO FIFO AVERAGE-COST Gross profit rate % % eTextbook and Media Compare the results for the three cost flow assumptions and answer the following questions. cost of goods cost of goods sold and the gross profit. FI FO gives the In this period of rising prices, LIFO gives the