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Current Attempt in Progress You have the following information for Concord Corporation for the month ended October 31, 2022. Concord uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 ype here to search Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale O Units 60 130 95 95 60 70 105 II Unit Cost or Selling Price $26 28 ho 29 45 31 45

Current Attempt in Progress You have the following information for Concord Corporation for the month ended October 31, 2022. Concord uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 ype here to search Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale O Units 60 130 95 95 60 70 105 II Unit Cost or Selling Price $26 28 ho 29 45 31 45

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress You have the following information for Concord Corporation for the month ended October 31, 2022. Concord uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 ype here to search Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale O Units 60 130 95 95 60 70 105 n Unit Cost or Selling Price $26 28 ho 29 45 31 45
Transcribed Image Text:Current Attempt in Progress You have the following information for Concord Corporation for the month ended October 31, 2022. Concord uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 ype here to search Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale O Units 60 130 95 95 60 70 105 n Unit Cost or Selling Price $26 28 ho 29 45 31 45
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 O decimal place, e.g. 125.) LIFO The ending inventory The cost of goods sold Gross profit $ $ $ 2540 7585 31 $ $ $ FIFO 2895 7230 35 $ $ $ AVERAGE-COST 2709 7416 33
Transcribed Image Text: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 O decimal place, e.g. 125.) LIFO The ending inventory The cost of goods sold Gross profit $ $ $ 2540 7585 31 $ $ $ FIFO 2895 7230 35 $ $ $ AVERAGE-COST 2709 7416 33
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