You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under LIFO. 2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under FIFO. 3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under LIFO. 2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under FIFO. 3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.
Van Gogh uses a periodic method for inventory.
| Date | Description | Units | unit cost | Selling price per unit |
| 1-Oct | Beginning inventory | 60 | $24 | |
| 9-Oct | Purchase | 120 | $26 | |
| 11-Oct | Sale | 100 | $35 | |
| 17-Oct | Purchase | 100 | $27 | |
| 22-Oct | Sale | 60 | $40 | |
| 25-Oct | Purchase | 70 | $29 | |
| 29-Oct | Sale | 110 | $40 |
1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit
rate under LIFO.
2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate
under FIFO.
3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate
under Average-cost (round cost per unit to three decimal places.)
Please dont provide solution image based thanku
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1: Define Inventory
VIEWStep 2: 1. Computation of ending Inventory, Cost of goods sold,gross profit and gross profit rate under LIFO
VIEWStep 3: 2. Computation of ending Inventory, Cost of goods sold,gross profit and gross profit rate under FIFO
VIEWStep 4: 3. Computation of inventory, Cost of goods,gross profit and gross profit rate under Average cost
VIEWSolution
VIEW
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 6 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education