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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 25
June 28
Beginning inventory
Purchase
Sale
Sale return
Purchase return
40
135
110
15
55
10
65
30
$ 40
44
70
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.
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