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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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