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Clculate i ending inventory ii cost of goods sold iii

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Reference no: EM13590820

You are provided with the following information for Web Inc. for the month ended June 30, 2010.

Web uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or

Selling Price

June 1

June 4

June 10

June 11

June 18

June 18

June 25

June 28

Beginning inventory

Purchase

Sale

Sale return

Purchase

Purchase return

Sale

Purchase

40

135

110

15

55

10

65

30

$ 40

44

70

70

46

46

75

50

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 flow assumptions.

Reference no: EM13590820

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