Question
You have the following information for Coronado Industries for the month ended October 31, 2017. Coronado Industries uses a periodic method for inventory. Date |
You have the following information for Coronado Industries for the month ended October 31, 2017. Coronado Industries uses a periodic method for inventory.
Date | Description| Units | Unit Cost or Selling Price
Oct. 1 Beginning inventory 60 $26
Oct. 9 Purchase 119 28
Oct. 11 Sale 94 36
Oct. 17 Purchase 102 29
Oct. 22 Sale 59 41
Oct. 25 Purchase 67 31
Oct. 29 Sale 110 41
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 | $ | $ | $ |
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