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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 | |||||
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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 | ||||
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The ending inventory |
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The cost of goods sold |
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Gross profit |
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