am. 113. You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system.Unit Cost orSelling Price$21DateDescriptionJune 1 Beginning inventoryJune 4PurchaseJune 10 SaleJune 11 Sale returnJune18June 18 Purchase returnJune 25SaleJune 28 PurchasePurchaseQuantity40135110155510653524515127275731 You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodicinventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the followingmethods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

Periodic Inventory system is a system where inventory is maintained in different methods as per the…

You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6PA: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to...

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