the following information for Coronado Industries for the month ended October 31, 2022. Coronado Industries uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $26 Oct. 9 Purchase 119 28 Oct. 11 Sale 94 36 Oct. 17 Purchase 102 29 Oct. 22 Sale 59 41 Oct. 25 Purchase 67 31 Oct. 29 Sale 110 41 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. 1. FIFO 2. LIFO 3. Average-cost
the following information for Coronado Industries for the month ended October 31, 2022. Coronado Industries uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $26 Oct. 9 Purchase 119 28 Oct. 11 Sale 94 36 Oct. 17 Purchase 102 29 Oct. 22 Sale 59 41 Oct. 25 Purchase 67 31 Oct. 29 Sale 110 41 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. 1. FIFO 2. LIFO 3. Average-cost
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Question
You have the following information for Coronado Industries for the month ended October 31, 2022. Coronado Industries uses a periodic method for inventory.
Date
|
Description
|
Units
|
Unit Cost or Selling Price
|
|||
---|---|---|---|---|---|---|
Oct. 1
|
Beginning inventory
|
60 | $26 | |||
Oct. 9
|
Purchase
|
119 | 28 | |||
Oct. 11
|
Sale
|
94 | 36 | |||
Oct. 17
|
Purchase
|
102 | 29 | |||
Oct. 22
|
Sale
|
59 | 41 | |||
Oct. 25
|
Purchase
|
67 | 31 | |||
Oct. 29
|
Sale
|
110 | 41 |
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
1. FIFO
2. LIFO
3. Average-cost
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