Question: You have the following information for Crystal Inc for the

You have the following information for Crystal Inc. for the month ended May 31, 2014. Crystal 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. (Round cost per unit to three decimal places.)
(b) Compare results for the three cost flowassumptions.
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  • CreatedApril 07, 2014
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