Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you have the following information for bonita inc.

You have the following information for Bonita Inc. for the month ended June 30, 2022....

60.1K

Verified Solution

Question

Accounting

image
image
You have the following information for Bonita Inc. for the month ended June 30, 2022. Bonita uses a periodic inventory system. Date Description Quantity Unit Cost or Selling Price June 1 40 $38 Beginning inventory Purchase June 4 135 41 June 10 Sale 110 68 June 11 Sale return 15 68 June 18 Purchase 55 44 June 18 Purchase return 10 44 June 25 Sale 65 74 June 28 Purchase 35 48 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate % %

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

f x 4x12x 5 a Express fin standard form f x b Find the vertex...

Basic Math
1.2K views

Factor the following: a) f(x)=x^5+5x^4-21x^3-137x^2-88x+240, knowing that f(5)=0 and f(-3)=0. b) f(x)=x^3+8x^2+5x-50 c)f(x)=-x^4-4x^3+19x^2+46x-120, knowing that (x+5) and (x-2) are factors.

Statistics
1.2K views

A survey of high school girls classified them by two attributes: whether or not they participated...

Medical Sciences
1.2K views

Describe the overlapping pattern of myofilaments and explain how they account for the A bamds, I...

General Management
1.2K views

Pros, Cons, and usefulness of the Leader Behavior Approach?

Biology
1.2K views

List the functions of the lymphatic system

Calculus
1.2K views

For f(x) = 2x, construct and simplify the difference quotient f(x+h)-f(x)/hf(x+h)-f(x)/h =

Algebra
1.2K views

Use the rules and if necessary the definition for ordering e classes to arrange the...

Algebra
1.2K views

1 point Write each of the summations in expanded form a 2 k 1 n...

Accounting
1.2K views

Sami Design Ltd manufactures Sand musical instrumenta for use by hgh schoel studenta. The company...

Accounting
1.2K views

PB2. You are the president of Duke Company and are leading the company through the...

Accounting
1.2K views

6 Need this done asap. Please help. Thanks. Earnings per Share and Price-Earnings...