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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 |
10/1 | Beginning inventory | 62 | $25 |
10/9 | Purchase | 124 | 27 |
10/11 | Sale | 103 | 36 |
10/17 | Purchase | 103 | 28 |
10/22 | Sale | 62 | 41 |
10/25 | Purchase | 72 | 30 |
10/29 | Sale | 113 | 42 |
weighted average cost for unit : 27.540
LIFO | FIFO | AVERAGE COST | |
ending inventory | |||
cost of goods sold | |||
gross profit |
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