P6-5A You have the following information for Vincent Inc. for the month ended October31, 2014. Vincent uses a periodic method for inventory.Calculate ending inventory,cost of goods sold, grossprofit, and gross profit rateunder periodic method;Unit Cost orDateDescriptionUnitsSelling Pricecompare results.(LO 2, 3), APOct. 1Beginning inventoryPurchase60$24Oct. 9Oct. 11Oct. 17Oct. 22Oct. 25Oct. 2912026Sale10035Purchase10027Sale6040Purchase7029Sale11040Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) grossprofit rate under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round cost per unit to three decimal places.)(b) Compare results for the three cost flow assumptions.(a) Gross profit:LIFOFIFOAverage$2.970$3.310$3,133

Name: P6-5A You have the following information for Vincent Inc. for the mon
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Description: P6-5A You have the following information for Vincent Inc. for the month ended October31, 2014. Vincent uses a periodic method for inventory.Calculate ending inventory,cost of goods sold, grossprofit, and gross profit rateunder periodic method;Unit C

Periodic Inventory System: It is a system in which the inventory is updated in the accounting…

Business

Accounting

P6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Unit Cost or Date Description Units Selling Price Oct. 1 Oct. 9 Oct. 11 Beginning inventory Purchase Sale 60 $24 26 35 120 100 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Purchase Sale Purchase 27 40 29 100 60 70 Sale 110 40 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round cost per unit to three decimal places.) (b) Compare results for the three cost flow assumptions.

P6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Unit Cost or Date Description Units Selling Price Oct. 1 Oct. 9 Oct. 11 Beginning inventory Purchase Sale 60 $24 26 35 120 100 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Purchase Sale Purchase 27 40 29 100 60 70 Sale 110 40 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round cost per unit to three decimal places.) (b) Compare results for the three cost flow assumptions.

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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