You are provided with the following information for Charlote Inc. for the month ended June 30, 2008.
Question:
You are provided with the following information for Charlote Inc. for the month ended June 30, 2008. Charlote uses the 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 flow assumptions.
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Related Book For 
Accounting Principles
ISBN: 9780471980193
8th Edition
Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel
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