Question

The inventory, purchases, and sales of a single product for the month of June are as follows:


Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the following inventory costing methods: average cost, FIFO, and LIFO. Explain the reasons for the differences in gross margin produced by the three methods. (Note: Round unit costs to cents and totals todollars.)


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  • CreatedSeptember 10, 2014
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