P6-5A You are provided with the following information for Koetteritz Inc. for the monthended June 30, 2017. Koetteritz uses the periodic method for inventory.Calculate ending inventory,cost of goods sold, grossprofit, and gross profit rateunder periodic method;Unit Cost orIETTDateDescriptionQuantitySelling Pricecompare results.June 140$40Beginning inventoryPurchase(LO 2)June 413543June 10Sale11070June 11Sale return1570PurchasePurchase returnJune 185546June 181046June 25Sale6576June 28Purchase3550Problems: Set A 303Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross (a)(iii) Gross profit:$4,330$4,830Average $4,546.90profit rate under each of the following methods.(2) FIFO.LIFO(1) LIFO.(3) Average-cost.FIFO

Name: P6-5A You are provided with the following information for Koetteritz
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Description: P6-5A You are provided with the following information for Koetteritz Inc. for the monthended June 30, 2017. Koetteritz uses the periodic method for inventory.Calculate ending inventory,cost of goods sold, grossprofit, and gross profit rateunder peri

Periodic Inventory - It is method of accounting stock valuation which performed at specified time…

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P6-5A You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results. Unit Cost or Selling Price $40 Date Quantity Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase June 1 40 (LO 2) June 4 135 43 June 10 110 70 June 11 15 70 June 18 55 46 June 18 10 46 June 25 65 76 June 28 35 50 Problems: Set A 303 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross (a)(ii) Gross profit: LIFO profit rate under each of the following methods. (2) FIFO. $4,330 $4,830 (1) LIFO. (3) Average-cost. FIFO Average $4,546.90

P6-5A You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results. Unit Cost or Selling Price $40 Date Quantity Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase June 1 40 (LO 2) June 4 135 43 June 10 110 70 June 11 15 70 June 18 55 46 June 18 10 46 June 25 65 76 June 28 35 50 Problems: Set A 303 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross (a)(ii) Gross profit: LIFO profit rate under each of the following methods. (2) FIFO. $4,330 $4,830 (1) LIFO. (3) Average-cost. FIFO Average $4,546.90

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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