Question

You are provided with the following information for Perkins Inc. for the month ended October 31, 2014. Perkins uses a periodic method for inventory.


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.
(b) Compare results for the three cost flowassumptions.


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  • CreatedJanuary 30, 2014
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