Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You are provided with the following information for Marigold Inc. for the month ended June 30, 2019. Marigold uses the periodic method for inventory. Unit
You are provided with the following information for Marigold Inc. for the month ended June 30, 2019. Marigold uses the periodic method for inventory. Unit Cost or Selling Price $38 42 69 69 Date Description Quantity 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sae return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 43 139 109 14 52 74 32 48 (a1) (a2) 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 The cost of goods sold Gross profit
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