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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

FINANCIAL ACCOUNTING
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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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
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
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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