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.

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Description: 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 orDateDescriptionBeginning inventoryQuantitySelling PriceJune 140P40June 4Purchase13544Ju

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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