You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2022. Koetteritz 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. (Round unit cost to three decimal places and all other amounts to the nearest dollar.)

b. Compare results for the three cost fl ow assumptions.

Transcribed Image Text:

Unit Cost or Selling Price Date Description Quantity June 1 Beginning inventory 40 $40 June 4 Purchase 135 43 Sale June 10 110 70 June 11 Sale return 15 70 June 18 Purchase 55 46 June 18 Purchase return 10 46 June 25 Sale 65 76 June 28 Purchase 35 50