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You are provided with the following information for Coronado Inc. for the month ended June 30, 2020. Coronado uses the periodic method for inventory. Date

You are provided with the following information for Coronado Inc. for the month ended June 30, 2020. Coronado uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or Selling Price

June 1 Beginning inventory 40 $42
June 4 Purchase 138 47
June 10 Sale 111 67
June 11 Sale return 13 67
June 18 Purchase 56 48
June 18 Purchase return 10 48
June 25 Sale 65 72
June 28 Purchase 25 52

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.)

LIFO

FIFO

AVERAGE-COST

The ending inventory

The cost of goods sold

Gross profit

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