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You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory. The
You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory. The company buys and sells replica paintings. The buying and selling of inventory is summarized below. INVENTORY SUMMARY DATE BEGINNING OR PURCHASES 1-Oct| BEGINNING 9-Oct|PURCHASE COST OF ITEM 20.00 $ $ # of UNITS 60 100 100 $ $ 26.00 28.00 TOTALS 1,200.00 2,600.00 2,800.00 1,800.00 $ $ 17-Oct PURCHASE 25-OctPURCHASE 60 $ 30.00 $ SALES SUMMARY DATE # OF UNITS SOLD SALE PRICE 11-Oct 100 $ 35.00 22-Oct 60 $ 40.00 29-Oct 90 $ 40.00 $ $ TOTAL 3,500.00 2,400.00 3,600.00 $ PERIODIC FIFO METHOD Sales Cost of Goods Sold COGS CHECK FIGURE 6,320.00 Ending Inventory Gross Profit LIFO METHOD Sales Cost of Goods Sold COGS CHECK FIGURE 6,940.00 Ending Inventory Gross Profit AVERAGE-COST (WEIGHTED AVERAGE) Sales Cost of Goods Sold COGS CHECK FIGURE $6,562.50 Ending Inventory Gross Profit
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