Question

You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.

.:.
Instructions
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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  • CreatedApril 07, 2014
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