50.1K

Verified Solution

Link Copied!

You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Date Description Beginning inventory Purchase Quantity 42 Unit Cost or Selling Price $40 43 139 112 Sale 73 14 73 June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 55 Sale return Purchase Purchase return Sale Purchase 46 46 9 68 79 30 49 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) , .) Weighted average cost per unit $ Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to o decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold $ $ Gross profit $ $ Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate % % % Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, gives the highest cost of goods sold and the gross profit. gives the lowest cost of goods sold and the gross profit

Answer & Explanation Solved by verified expert

See Answer