You are provided with the following information for Guillaume Inc. for the month ended June 30, 2021. Guillaume uses the periodic method for inventory. Unit Cost or Date Description Beginning inventory Quantity Selling Price June 1 40 P40 June 4 Purchase 135 44 June 10 Sale 110 70 June 11 Sale return 15 70 June 18 Purchase 55 46 June 18 Purchase return 10 46 June 25 Sale 65 75 June 28 Purchase 30 50 REQUIRED: Calculate (i) ending inventory, (ii) cost of goods sold, and (iii) gross profit under FIFO and Weighted average-cost methods.
You are provided with the following information for Guillaume Inc. for the month ended June 30, 2021. Guillaume uses the periodic method for inventory. Unit Cost or Date Description Beginning inventory Quantity Selling Price June 1 40 P40 June 4 Purchase 135 44 June 10 Sale 110 70 June 11 Sale return 15 70 June 18 Purchase 55 46 June 18 Purchase return 10 46 June 25 Sale 65 75 June 28 Purchase 30 50 REQUIRED: Calculate (i) ending inventory, (ii) cost of goods sold, and (iii) gross profit under FIFO and Weighted average-cost methods.
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:You are provided with the following information for Guillaume Inc. for the month ended June 30, 2021.
Guillaume uses the periodic method for inventory.
Unit Cost or
Date
Description
Beginning inventory
Quantity
Selling Price
June 1
40
P40
June 4
Purchase
135
44
June 10
Sale
110
70
June 11
Sale return
15
70
June 18
Purchase
55
46
June 18
Purchase return
10
46
June 25
Sale
65
75
June 28
Purchase
30
50
REQUIRED: Calculate (i) ending inventory, (ii) cost of goods sold, and (iii) gross profit under FIFO and
Weighted average-cost methods.
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