You are provided with the following information for Perkins Inc. for the month ended October 31, 2014. Perkins uses a periodic method for inventory.

Instructions
(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost.
(b) Compare results for the three cost flowassumptions.

Transcribed Image Text:

Date October 1 October 9 October 11 October 17 October 22 October 25 October 29 Unit Cost or Selling Price S25 26 35 27 40 28 40 Description Units 60 120 100 70 60 80 110 Beginning inventory Purchase Sale Sale Purchase Sale