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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:You have the following information for Concord Inc. for the month ended June 30, 2022. Concord uses a periodic inventory system.
Date
June
June
June
June 10
(a1)
1
(a2)
4
June 18
June
June
June
(a3)
11
18
Description
Beginning inventory
Purchase
Sale
Gross
profit rate
Sale return
Purchase
Purchase return
25 Sale
28
Purchase
Your Answer Correct Answer
Textbook and Media
Quantity
40
135
LIFO
110
15
55
10
65
35
Unit Cost or
Selling Price
$45
96
48
75
75
51
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal
place, eş 51.2%)
51
81
55
FIFO
%
AVERAGE-COST
96
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VIEWStep 2: Computation of cost of goods sold & ending inventory using periodic LIFO
VIEWStep 3: Computation of cost of goods sold & ending inventory using periodic FIFO:
VIEWStep 4: Computation of cost of goods sold & ending inventory using periodic AVERAGE-COST:
VIEWStep 5: Computation of the amount of gross profit and gross profit rate under each of the methods:
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