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 9. 47 June 25 Sale 68 73 June 28 Purchase 32 51
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 9. 47 June 25 Sale 68 73 June 28 Purchase 32 51
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
how do i calculate the gross prfoit rate under each tab ( LIFO,FIFO AVERAGE-COST) base off the attachment?
![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
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%2Fa6f31292-3316-4aec-80bf-601c4e6b9f39%2F890aot_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
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 gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal
place, e.g. 51.2%.)
LIFO
FIFO
AVERAGE-COST
Gross profit rate
%
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9957b034-7dc4-42f0-9ed6-fcce58465f30%2Fa6f31292-3316-4aec-80bf-601c4e6b9f39%2F07189zr_processed.png&w=3840&q=75)
Transcribed Image Text:Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal
place, e.g. 51.2%.)
LIFO
FIFO
AVERAGE-COST
Gross profit rate
%
%
%
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