Please do not give solution in image format thanku You have the following information for Concord Inc. for the month ended June 30, 2022. Concord uses a periodic inventory system.DateJuneJuneJuneJune 10(a1)1(a2)4June 18JuneJuneJune(a3)1118DescriptionBeginning inventoryPurchaseSaleGrossprofit rateSale returnPurchasePurchase return25 Sale28PurchaseYour Answer Correct AnswerTextbook and MediaQuantity40135LIFO1101555106535Unit Cost orSelling Price$459648757551Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimalplace, eş 51.2%)518155FIFO%AVERAGE-COST96

Under the LIFO method, the newest products in inventory are sold first.Under the FIFO method, the…

You have the following information for Concord Inc. for the month ended June 30, 2022. Concord uses a periodic inventory system. Unit Cost or Selling Price $45 48 Date June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 June 18 Purchase June 18 Purchase return June 25 Sale June (a1) (22) Description (a3) Sale return 28 Purchase Your Answer Correct Answer Gross profit rate Quantity 40 LIFO 135 110 15 55 10 65 35 75 75 51 51 81 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg 51.2%) 55 FIFO AVERAGE-COST

You have the following information for Concord Inc. for the month ended June 30, 2022. Concord uses a periodic inventory system. Unit Cost or Selling Price $45 48 Date June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 June 18 Purchase June 18 Purchase return June 25 Sale June (a1) (22) Description (a3) Sale return 28 Purchase Your Answer Correct Answer Gross profit rate Quantity 40 LIFO 135 110 15 55 10 65 35 75 75 51 51 81 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg 51.2%) 55 FIFO AVERAGE-COST

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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