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You have the following information for Concord Inc. for the month ended June 30, 2022. Concord uses a periodic inventory syste L Unit Cost or
You have the following information for Concord Inc. for the month ended June 30, 2022. Concord uses a periodic inventory syste L Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 40 $29 June 4 Purchase 135 32 June 10 Sale 110 59 June 11 Sale return 15 59 35 55 June 18. Purchase 35 June 18 Purchase return 10 65 65 June 25 Sale 35 39 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, eg. 1.250.25 and other answers to O decimal places, eg. 1,250) LIFO The ending inventory $ 6,490 FIFO 6,490 $ AVERAGE-COST 6,490 The cost of goods sold $ 9,830 9.830 $ 9,830 Gross profit 4,330 4,830 4,546.80
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