You have the following information for Company XYZ for the monthended October 31

Question

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        29
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.

Explanation / Answer

You have the following information for Company XYZ for the monthended October 31

Related Questions

Navigate

• Browse (All)
• Browse Y
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.