You have the following information for Larkspur Inc. for the month ended October 31, 2022. Larkspur uses a periodic method for inventory. Description Beginning inventory Purchase Date Units Unit Cost or Selling Price Oct 1 63 $23 25 Oct 9 117 Oct 11 Sale 110 35 Oct 17 Purchase 104 26 Oct 22 Sale 63 40 Oct 25 Purchase 67 28 Oct 29 Sale 106 40
You have the following information for Larkspur Inc. for the month ended October 31, 2022. Larkspur uses a periodic method for inventory. Description Beginning inventory Purchase Date Units Unit Cost or Selling Price Oct 1 63 $23 25 Oct 9 117 Oct 11 Sale 110 35 Oct 17 Purchase 104 26 Oct 22 Sale 63 40 Oct 25 Purchase 67 28 Oct 29 Sale 106 40
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Doing some practice.. need help with part a3 :)

Transcribed Image Text:You have the following information for Larkspur Inc. for the month ended October 31, 2022. Larkspur uses a periodic method for
inventory
Description
Beginning inventory
Purchase
Sale
Date
Units
Unit Cost or Selling Price
Oct 1
63
$23
Oct 9
117
25
Oct 11
110
35
Oct 17
Purchase
104
26
Oct 22
Sale
63
40
Oct 25
Purchase
67
28
Oct 29
Sale
106
40

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%)
LIFO
FIFO
AVERAGE-COST
Gross profit
rate
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