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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

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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Doing some practice.. need help with part a3 :)
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: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
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
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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