Question
You have the following information for Blue Spruce Corp. for the month ended October 31, 2017. Blue Spruce Corp. uses a periodic method for inventory.
You have the following information for Blue Spruce Corp. for the month ended October 31, 2017. Blue Spruce Corp. uses a periodic method for inventory.
Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory54$26Oct. 9
Purchase12828Oct. 11
Sale10433Oct. 17
Purchase10829Oct. 22
Sale6438Oct. 25
Purchase7531Oct. 29
Sale10338
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost.(Round answers to 0 decimal place, e.g. 125.)
LIFO FIFO AVERAGE-COST
The ending inventory
The cost of goods sold
Gross profit
Gross profit rate
% a gross profit rate in percentages
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