Unit Cost or Date Description Quantity Selling Price Beginning inventory 39 $41 4 Purchase 139 46 10 Sale 111 68 11 Sale return 14 68 18 Purchase 53 47 18 Purchase return 47 25 Sale 68 73 28 Purchase 32 51
Unit Cost or Date Description Quantity Selling Price Beginning inventory 39 $41 4 Purchase 139 46 10 Sale 111 68 11 Sale return 14 68 18 Purchase 53 47 18 Purchase return 47 25 Sale 68 73 28 Purchase 32 51
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
CAN SOMEONE SHOW ME HOW TO COMPLETE THIS CHART?
![You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic
method for inventory.
Unit Cost or
Date
Description
Quantity
Selling Price
June
1
Beginning inventory
39
$41
June
4
Purchase
139
46
June
10
Sale
111
68
June
11
Sale return
14
68
June
18
Purchase
53
47
June
18
Purchase return
47
June
25
Sale
68
73
June
28
Purchase
32
51](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9957b034-7dc4-42f0-9ed6-fcce58465f30%2F849222fe-9216-4a5e-8da5-ea1b880fbde2%2F4li6ym3_processed.png&w=3840&q=75)
Transcribed Image Text:You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic
method for inventory.
Unit Cost or
Date
Description
Quantity
Selling Price
June
1
Beginning inventory
39
$41
June
4
Purchase
139
46
June
10
Sale
111
68
June
11
Sale return
14
68
June
18
Purchase
53
47
June
18
Purchase return
47
June
25
Sale
68
73
June
28
Purchase
32
51
![Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-
cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to O decimal places, e.g. 1,250.)
LIFO
FIFO
AVERAGE-COST
The ending inventory
The cost of goods sold
$
$
Gross profit
2$
$
%24
%24
%24
%24
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9957b034-7dc4-42f0-9ed6-fcce58465f30%2F849222fe-9216-4a5e-8da5-ea1b880fbde2%2F6z5s5ir_processed.png&w=3840&q=75)
Transcribed Image Text:Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-
cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to O decimal places, e.g. 1,250.)
LIFO
FIFO
AVERAGE-COST
The ending inventory
The cost of goods sold
$
$
Gross profit
2$
$
%24
%24
%24
%24
%24
%24
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