You have the following information for company xyz for the

Reference no: EM13614987

You have the following information for Company XYZ for the monthended October 31, 2007. Company XYZ uses a periodic method forinventory.

Date                                      Description                      Units      Unit Cost or SellingPrice

Oct. 1       Beginning Inventory      60                                 $25
Oct.9                                       Purchase                         120                                 27
Oct.11                                     Sale                                 100                                 35
Oct.17                                     Purchase                           90                                 28
Oct.22                                     Sale                                  60                                 40
Oct. 25        Purchase          80
Oct.29                                     Sale                                 120    40

a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii)gross profit, and (iv) gross profit rate under each of thefollowing methods.
   (1) LIFO.
   (2) FIFO.
   (3) Average cost. (Round cost per unit to threedecimal places.)
b) Compare results for the three cost flow assumptions.

Reference no: EM13614987

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