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You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system. Date   Description   Quantity   Unit Cost or Selling Price June   1   Beginning inventory   40     $23   June   4   Purchase   135     26   June   10   Sale   110     53   June   11   Sale return   15     53   June   18   Purchase   55     29   June   18   Purchase return   10     29   June   25   Sale   65     59   June   28   Purchase   35     33   Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system. Date   Description   Quantity   Unit Cost or Selling Price June   1   Beginning inventory   40     $23   June   4   Purchase   135     26   June   10   Sale   110     53   June   11   Sale return   15     53   June   18   Purchase   55     29   June   18   Purchase return   10     29   June   25   Sale   65     59   June   28   Purchase   35     33   Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

FINANCIAL ACCOUNTING
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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You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system.

Date
  
Description
  
Quantity
  
Unit Cost or
Selling Price
June
  
1
  
Beginning inventory
   40     $23  
June
  
4
  
Purchase
   135     26  
June
  
10
  
Sale
   110     53  
June
  
11
  
Sale return
   15     53  
June
  
18
  
Purchase
   55     29  
June
  
18
  
Purchase return
   10     29  
June
  
25
  
Sale
   65     59  
June
  
28
  
Purchase
   35     33

 

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

 

 

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