Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You are provided with the following information for Tamarisk Inc. for the month ended June 30, 2020./Tamarisk uses the periodic method for inventory. Unit Cost
You are provided with the following information for Tamarisk Inc. for the month ended June 30, 2020./Tamarisk uses the periodic method for inventory.
Unit Cost or Quantity Selling Price 42 $38 140 42 Date Description June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase Your answer is partially correct. 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 $ 4018 | $ 4268 " 4186 The cost of goods sold $ 10624 6300 " 6288 A AA Gross profit | 4704 $ | 4954 " 4966Step 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