Question
You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. June
You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory.
June 1- Beginning inventory 40@ $40
June 4- Purchase 135 @ $43
June 10- Sale 110 @ $70
June 11- Sale return 15 @ $70
June 18- Sale 55 @ $46
June 18- Purchase 10@ $46
June 25 - Purchase return 65 @ $76
June 28- Purchase 35@ $50
Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (1)LIFO. (2)FIFO. (3)Average-cost. (b) Compare results for the three cost flow assumptions.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Internal Auditing Assurance And Consulting Services
Authors: Kurt Reding, Paul Sobel, Michael Head, Sridhar Ramamoorti, Urton Anderson
2nd Edition
0894136437, 978-0894136436
