Reference no: EM132322430

Question

You have the following information for Blue Spruce Corp. for the month ended October 31, 2017. Blue Spruce Corp. uses a periodic method for inventory.

Date             Description                Units              Unit Cost or Selling Price

Oct. 1           Beginning inventory     54                        $26

Oct. 9           Purchase                   128                        28

Oct. 11           Sale                        104                         33

Oct. 17           Purchase                  108                           29

Oct. 22            Sale                          64                            38

Oct. 25          Purchase                    75                         31

Oct. 29         Sale                             103                         38

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.)