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You have the following information for Pina Colada Inc. for the month ended October 31, 2022. Pina Colada uses a periodic method for inventory. Date
You have the following information for Pina Colada Inc. for the month ended October 31, 2022. Pina Colada uses a periodic method for inventory. Date Units Description Beginning inventory Purchase Oct. 1 Oct. 9 56 Unit Cost or Selling Price $22 24 108 Oct. 11 Sale 94 32 Oct. 17 Purchase 94 25 Oct. 22 Sale 56 37 Oct. 25 Purchase 71 27 Oct. 29 Sale 104 37 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate %
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