Question
You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Date Description units
You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.
Date Description units unit Cost or Selling price
Oct 1. Beginning inventory 70 $28
Oct 9. Purchase 140 30
11. sale 117 41
17. purchase 117 31
22. sale 70 47
25. purchase 82 34
29. sale 128 47
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.)
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