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%) Gross profit rate LIFO % FIFO % AVERAGE-COST % You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
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%) Gross profit rate LIFO % FIFO % AVERAGE-COST % You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
Related questions
Question
![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%)
Gross profit rate
LIFO
%
FIFO
%
AVERAGE-COST
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c7425a3-1b14-4f51-8fe8-a83db46800fe%2F97dd2c0a-6aa6-45ee-8c95-d60b9cdb57d2%2Frkjvvlv_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%)
Gross profit rate
LIFO
%
FIFO
%
AVERAGE-COST
%
![You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for
inventory.
Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory
54
$23
Oct. 9
Purchase
132
25
Oct. 11
Sale
108
34
Oct. 17
Purchase
103
26
Oct. 22
Sale
55
39
Oct. 25
Purchase
65
28
Oct. 29
Sale
121
39](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c7425a3-1b14-4f51-8fe8-a83db46800fe%2F97dd2c0a-6aa6-45ee-8c95-d60b9cdb57d2%2F546c5in_processed.png&w=3840&q=75)
Transcribed Image Text:You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for
inventory.
Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory
54
$23
Oct. 9
Purchase
132
25
Oct. 11
Sale
108
34
Oct. 17
Purchase
103
26
Oct. 22
Sale
55
39
Oct. 25
Purchase
65
28
Oct. 29
Sale
121
39
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