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

You have the following information for Concord Corporation for the month ended October 31, 2022....

80.2K

Verified Solution

Question

Accounting

imageimage

You have the following information for Concord Corporation for the month ended October 31, 2022. Concord uses a periodic method for inventory. Unit Cost or Selling Price $26 28 Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 60 130 95 95 60 70 105 40 29 45 31 45 Your answer is partially correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ 11225 $ 11225 $ 11225 The cost of goods sold $ 7585 $ -7230 $ -7416 Gross profit $ 3,640 $ 3,995 $ 3.809 e Textbook and Media List of Accounts

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