you have the following information for wirth inc for the month ended june 30 2012 wi 533842
You have the following information for Wirth Inc. for the month ended June 30, 2012. Wirth uses the periodic method for inventory.
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you have the following information for wirth inc for the month ended june 30 2012 wi 533842
For $10/Page 0nly
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Date |
Description |
Quantity |
Selling Price |
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Jun-01 |
Beginning inventory |
25 |
$60 |
|
Jun-04 |
Purchase |
85 |
63 |
|
Jun-10 |
Sale |
60 |
90 |
|
Jun-11 |
Sale return |
5 |
90 |
|
Jun-18 |
Purchase |
35 |
66 |
|
Jun-18 |
Purchase return |
15 |
66 |
|
Jun-25 |
Sale |
55 |
95 |
|
Jun-28 |
Purchase |
20 |
70 |
Instructions
(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round cost per unit to three decimal places.)
(b) Compare results for the three cost flow assumptions.
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