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You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Calculate
You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) 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 places. e g. 1.250.25 and other answers to 0 decimal places, e.g. 1.250.) 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%.) Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, gives the highest cost of goods sold and the gross profit. gives the lowest cost of goods sold and the gross profit
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