You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent 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 flow assumptions.

Transcribed Image Text:

Unit Cost or Selling Price Date Oct. 1 Oct. 9 Description Units 60 120 100 100 60 Beginning inventory Purchase Sale Purchase $24 26 35 27 40 29 40 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Sale Purchase 70 110 Sale