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You have the following information for Skysong Inc. for the month ended October 31, 2022. Skysong uses a periodic method for inventory. Date Description Units
You have the following information for Skysong Inc. for the month ended October 31, 2022. Skysong uses a periodic method for inventory.
(a3) * Your answer is incorrect. Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate 3045 % 335.5 % 319.2 % Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 54 | $26 | |||
Oct. 9 | Purchase | 124 | 28 | |||
Oct. 11 | Sale | 109 | 37 | |||
Oct. 17 | Purchase | 104 | 29 | |||
Oct. 22 | Sale | 62 | 42 | |||
Oct. 25 | Purchase | 66 | 31 | |||
Oct. 29 | Sale | 107 | 42 |
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