Question
You have the following information for McBride Inc. for the month ended October 31, 2012. McBride uses a periodic method for inventory. Date Description Units
You have the following information for McBride Inc. for the month ended October 31, 2012. McBride uses a periodic method for inventory.
Date |
| Description |
| Units |
| Unit Cost or Selling Price |
Oct. 1 |
| Beginning inventory |
| 64 |
| $26 |
Oct. 9 |
| Purchase |
| 129 |
| 28 |
Oct. 11 |
| Sale |
| 107 |
| 38 |
Oct. 17 |
| Purchase |
| 107 |
| 29 |
Oct. 22 |
| Sale |
| 64 |
| 43 |
Oct. 25 |
| Purchase |
| 75 |
| 31 |
Oct. 29 |
| Sale |
| 118 |
| 43 |
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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