Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) LIFO FIFO AVERAGE-COST The ending inventory $ 3824 $ $ The cost of goods sold ta 4267 $ $ Gross profit $ TA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started