Easy Use Electronic Center began October with 80 units of inventory that cost $57 each. During October, the store made the following purchases: Oct 3 10 @ $65 12 30 @ $70 18 70 @ $72 Easy Use uses the periodic inventory system, and the physical count at October 31 indicates that 115 units of inventory are on hand. 1. Determine the ending inventory and cost of goods sold amounts for the October financial statements using the average cost, FIFO, and LIFO methods. 2. Sales revenue for October totaled $22,000. Compute Easy Use's gross profit for October using each method.

Easy Use Electronic Center began October with 80 units of inventory that cost $57 each. During October, the store made the following purchases: Oct 3 10 @ $65 12 30 @ $70 18 70 @ $72 Easy Use uses the periodic inventory system, and the physical count at October 31 indicates that 115 units of inventory are on hand. 1. Determine the ending inventory and cost of goods sold amounts for the October financial statements using the average cost, FIFO, and LIFO methods. 2. Sales revenue for October totaled $22,000. Compute Easy Use's gross profit for October using each method.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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